$139 Tax Increase; FLPS Budget Approved

The Franklin Lakes Board of Education unanimously approved the passing of a budget that will increase the taxes paid per average home by $139.33 next year.

Due to Franklin Lakes high property values the vast majority of funds re obtained through local property taxes. The district does not receive any State Aid for regular students. More that 88 percent of the budget expenses will be covered by local property tax.

“The budget being approved just conveys confidence from the board of education in what we are doing in the schools,” said Superintendent Dr. Frank Romano. “I am satisfied with the budget because I think it strikes a very important balance between what we do in the public schools and sensitivity to the taxpayer.”

The total impact on the homeowner in Franklin Lakes is a 2.20 percent tax increase.

“I feel good,” said School Board President Susan McGowan. “I think it is a solid budget. We want to make sure that we continue to look at line items and make sure that we are doing our due diligence every year. There will be challenges ahead but if you can get ahead of them that’s great.”

See the attached slides to get a full breakdown of the approved budget.