By MADDY VITALE
The Ocean City Board of Education introduced a proposed 2022-23 school budget on Wednesday night with a decrease in the tax rate.
The total budget for the 2022-23 school year is $43.6 million, up from $42.5 million for the 2021-22 school year.
The bulk of the funding for the spending plan would come from $24.1 million in tax revenue, up from $23.6 million in local tax revenue the year before.
However, School Business Administrator Tim Kelley said that the budget would decrease school taxes by an estimated 7.4 percent or 1.6 cents.
He explained how.
“The reduction is attributable to the payoff of bonds for the construction of Ocean City High School as well as an increase in local city ratables,” Kelley said.
For example, the owner of a home assessed at $500,000 would see an annual school tax bill of roughly $995.
This represents an $80 decrease over the prior year, Kelley pointed out.
And despite a decrease in cost to the taxpayers, all of the services remain the same, Kelley said.
“Our proposed budget continues to maintain our district priorities and supports all areas of instruction as well as co and extracurricular activities,” he said.
Last year, despite economic impact for businesses during the height of the COVID-19 pandemic, the school district was able to bring forth a budget without an increase to the tax rate.
In part, Kelley had attributed being able to deliver a zero-tax increase to the public because of the increase in the valuation of homes in Ocean City. The total assessed valuation for Ocean City property increased from $11.9 billion in 2020-21 to $12.1 billion for 2021-22.
This year, property values continue to remain strong.
Wednesday night’s school budget introduction is not the final step in the annual budget process.
After introduction, it will be reviewed by the New Jersey Department of Education before the final public hearing to adopt the budget.
The public hearing on the budget is scheduled for Wednesday, April 27 at 7 p.m. in the Ocean City High School library.
