Madison considers $79 million bond referendum to upgrade schools
The Madison Board of Education predicts a slight drop in school-related taxes for next year, but it's hoping residents will approve an increase of hundreds of dollars later in the year to update local facilities.
Here's a look at the district's fiscal plans:
School budget cuts taxes
Superintendent Mark Schwarz last week led a presentation at a board meeting of the tentative $57 million budget proposed for the 2023-24 school year. The plan proposes a 9% spending increase over last year for the pre-K-to-12 district, but with state aid expected to rise and the district tapping reserve funds, the proposal calls for just a 1.8% increase in the school tax levy.
While the rate at which property is taxed will rise, the average homeowner's bill would dip slightly. That's because the district also expects to save $1 million after leaving the state employee health plan last year − money that, by state law, must go toward tax relief. In the end, officials said, the budget would decrease the annual school tax bill by $3, based on the district's average assessed home value of $690,702.
"It's not a big decrease, but it's not an increase, so that's pretty good news," Schwarz said.
The budget is scheduled for public comment and a final vote on adoption on May 2.
What's in Madison's proposed referendum?
In the fall, voters will consider a $79 million referendum that would have a far bigger impact on local schools and taxes.
The three-part ballot question starts with a $48.3 million request for improvements that are "need-to-haves, not nice-to-haves," according to board member Pam Yousey, who presented the referendum proposal at the meeting.
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Priority projects that would be covered by the first question include the replacement of floors, lighting and heating systems throughout the district, a new roof for Madison High School and air-conditioning for classrooms.
The second and third questions, with projects grouped by priority, would add another $12.8 million and $18.3 million, respectively. The proposals are linked, so voters would only be able to vote on Question 2 if they approve Question 1, and on Question 3 if they approve the first two. Some of the spending under Questions 1 and 2 would be covered by state aid.
Potential tax hit
Including that aid, the cost for taxpayers calculates to $100 annually for each $10 million approved by voters. If the entire referendum is approved, the average homeowner would see a $790 annual increase.
The district, which also serves high school students from Harding, estimates enrollment of 2,469 students next year, down from the current 2,554. Harding enrollment has decreased in recent years, while Madison is on the rise, Schwarz said
Yousey said a vote on the referendum had originally been planned for this month. But the district pulled back on the timeline after its business administrator left and state officials requested changes and additional information on portions of the referendum.
Pending state approval, the district hopes to conduct the referendum vote in September.
William Westhoven is a local reporter for DailyRecord.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.
Email: wwesthoven@dailyrecord.com
Twitter: @wwesthoven
This article originally appeared on Morristown Daily Record: Madison NJ $79 million would update schools but raise taxes
