HOLMDEL – The Holmdel School District Board of Education has introduced a $67.77 million budget to support the operation of the school district during the 2020-21 school year.
A public hearing on the budget has been scheduled for 7 p.m. May 6. The board may adopt the budget that evening.
The 2020-21 budget will be supported through the collection of $59.6 million in taxes from Holmdel’s residential and commercial property owners. Property taxes account for about 88% of the budget’s revenue.
The district’s 2019-20 budget totaled $67.44 million and was supported by a $58.6 million tax levy. Total spending for the upcoming school year is up by $330,000 and the tax levy for the upcoming school year is up by $1 million.
Under the terms of a state law known as S-2 that was enacted in 2018 and funds New Jersey’s schools, Holmdel will see its state aid increase from $2.58 million in 2019-20 to $3.04 million in 2020-21, according to the New Jersey Department of Education.
Specific information about the impact of the 2020-21 budget on property taxes is expected to be available at the May 6 public hearing.
In addition to Holmdel school taxes, property owners also pay Holmdel municipal taxes and Monmouth County taxes.
The school district consists of the Village School, the Indian Hill School, the W.R. Satz School and Holmdel High School.
