Members of the Cranbury Township Board of Education gave their seal of approval on the $24.6 million budget for operations in 2024-25.
The budget was adopted after a public hearing on April 24.
In Cranbury, the school tax rate is expected to be 99.7 cents per $100 of assessed valuation. The owner of an average home assessed at $606,744 will pay about $6,049 in school taxes for 2024-25.
To support the school district budget, property owners in the township are projected to pay a tax levy of $19.2 million in 2024-25.
The amount an individual pays in property taxes is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
School taxes are one item on a property owner’s total tax bill, which also includes municipal taxes and Middlesex County taxes.
The Cranbury School District budget covers items such as the Princeton High School (PHS) tuition, K-8 regular education programs, employee benefits, operations, maintenance, security, special education and transportation.
Budget revenues include: $1.7 million from withdrawal from capital reserve, an expected $1.1 million in state aid, $450,000 from withdrawal from tuition reserve, $345,089 from the fund (savings) balance, $165,000 from withdrawal from the maintenance reserve, and an expected $150,000 from extraordinary aid.
For appropriations, $4.6 million will go towards Princeton High School (PHS) tuition, $4.1 million to K-8 regular instruction programs, $3 million to employee benefits, $1.8 million will go toward transportation, $1.5 million to special programs, $1.4 million to facilities – operations, maintenance and security, $1.35 million towards student support services, and $1.3 million to out of district tuition for special education.
