RBR Budget Down but Taxes Still Go Up for Little Silver, Shrewsbury

Red Bank Regional's recently-approved $24.9 million budget for next year decreased by 1.5 percent -- while maintaining all of the school's current programs -- yet it will still mean higher tax bills for two of its three sending districts.

Little Silver and Shrewsbury homeowners will see an increase in that portion of their tax bills to support the $19 million levy, while Red Bank taxpayers -- whose students comprise 46.6 percent of the school's population -- will see a slight reduction.

According to RBR Superintendent Jim Stefankiewicz, the increase in tax bills is the result of the loss of grants and other revenue sources requiring a greater percentage of the budget for next year to be funded through the local tax levy.

The owner of an average assessed home of $535,699 in Little Silver will pay $88.84 more next year, which translates into about an extra $7.40 monthly.

In Shrewsbury, the owner of the average assessed home of $470,822 in the borough will pay an additional $159.88 averaging about $13.32 more per month.

Owners of average assessed home in Red Bank of $395,948 will see a slight decrease of almost $10 annually while supporting about 42.55 percent of the tax levy.

According to the school, "The regional tax formula is determined by the State of New Jersey. It takes into account the number of students attending the high school their elementary schools and the current assessed value of homes compared to market value."

The budget, approved at the March 21 board of education meeting, is below the 2-percent tax levy cap by $740,000 and allows for the hiring of an Italian language teacher, implementation of Core Common Standards and teacher and principal evaluations.

The full presentation of the 2013-14 budget given at the public hearing in March is attached.