Manasquan Uses State Aid to Lower Tax Levy

The Manasquan Board of Education voted unanimously to make changes to its 2011-12 school year budget which will result in a zero tax increase for this year and will lower district spending to the state-mandated minimum tax levy during an emergency action meeting held Monday evening.

The meeting was convened in the wake of an announcement last week by Gov. Chris Christie that the state would pump into New Jersey public schools.

District Business Administrator Margaret Hom explained that the district would now receive state aid totaling $455,646. With a mandated debt service payment of $19,753, the district will see total aid amounting to $435,893 for the 2011-12 school year.

The new figures nearly double the $227,823 Manasquan received in state aid in and factored into the 2011-2012 budget, which was .

The district also applied $35,366 in surplus to its general fund to allow for the zero tax increase.

While maintaining a flat tax rate from the 2010-11 school year budget, the district has also dropped spending to the minimum tax levy increase allowed by state law. 

For each school district, the New Jersey Department of Education determines a minimum local contribution needed to meet educational adequacy standards. A district's minimum tax levy is determined by enrollment as well as district property values and income levels. 

Manasquan's minimum tax levy of $12,171,782 represents the portion of the school's total budget to be raised through local tax levies.

With the new budget figures, Manasquan's tax rate for school purposes will drop 1.4 cents per $100 of assessed valuation, from 8.418 to 8.275.

Given this, a property owner with a home valued at $500,000 will pay $413.75 in taxes for school purposes.

"The administration and board of education has always been dedicated to fiscal responsibility," Superintendent Geraldine Margin said during the sparsely attended 30-minute meeting.