$67.9M budget will have public hearing March 25
BY MARK ROSMAN Staff Writer

FREEHOLD TOWNSHIP- Residents will have a chance to offer their comments on the Freehold Township K-8 School District's budget for the 2008-09 school year when the Board of Education holds a public hearing on the proposed spending plan at 8 p.m. March 25 at the district offices on Stillwells Corner Road.

BusinessAdministrator Brian Boyle said the board has introduced a total budget of $67.9 million for the 2008-09 school year. The budget includes $63.3 million in general fund expenditures, $1.2 million in special revenues and $3.4 million in debt service payments.

In the April 15 school election, residents will vote on a $53.9 million tax levy that will support the general fund expenditures. Residents will not vote on the $3.3 million tax levy that will support the debt service payments. The total amount to be collected in local school taxes during the 2008-09 school year will be $57.2 million.

The budget for the 2007-08 school year totaled $65.4 million. The general fund tax levy amounted to $52.2 million.

Boyle said the Freehold Township School District will receive $6.2 million in state aid for 2008-09, which represents an increase of 10 percent over the state aid that was received for 2007-08. State aid funds about 9 percent of the district's total budget.

If voters approve the $53.9 million general fund tax levy on April 15, the K-8 school tax rate will increase

from $1.79 to $1.82 per $100

of assessed valuation.

The increase in the tax rate means the

owner of a home that is

assessed at $200,000

will pay about $3,640 in

K-8 school taxes in 2008-

09, up from $3,580 in 2007- 08. The owner of a home that is assessed at $400,000 will pay about $7,280 in K-8 school taxes in 2008-09, up from $7,160 in 2007-08. The owner of a home that is assessed at $600,000 will pay about $10,920 in K-8 school taxes in 2008-09, up from $10,740 in 2007-08.

K-8 school taxes are one part of a property owner's overall property tax bill. In addition to K-8 school taxes, the property tax bill includes municipal taxes, Freehold Regional High School District taxes,Monmouth County taxes and other assessments.