What is a bond referendum?
A bond referendum is a special election that allows the school district to borrow money and is a required mechanism in order to secure long-term debt. The funds can be used for capital improvements. The school district is borrowing money to complete capital projects and then paying back the “loan” over a 20-year term.
Why does the school district want to have a bond referendum?
Proceeding with a bond referendum allows the school district access to Debt Service Aid from the New Jersey Department of Education. This Aid is not available through the normal budgeting process and it covers the life of the debt. The bond referendum provides upfront funding for large-scale improvements.
Are my taxes going up because of the bond referendum?
No, taxes are not increasing. The school district’s 2004 bond issue expired this school year which is allowing for the addition of the bond referendum to replace that debt, keeping the tax levy steady.
What is the tax impact of the bond referendum?
The debt service tax rate will remain steady for the next four fiscal years and then decrease in the 2030-2031 budget.
How much do I currently pay for the debt service obligations of the school district?
You can find this tax assessment on your most recent property tax bill or you can check out the links on the “Financial Information” tab of this website which will help you find this information.
What is the difference between the general fund tax rate and the debt service fund tax rate?
The general fund tax rate is the school tax that funds the annual district budget. The debt service tax rate is the debt service tax that pays principal and interest payments on long term debt that was approved by the taxpayers at some point in the past.
Can the school district use debt service tax revenue to fund salaries or supplies?
No, the school district can only use the funds collected through the debt service tax levy to pay off long term debt that has been approved by the taxpayers.
When is the special election?
In-person voting will take place on March 10, 2026 with polls being open from Noon to 8:00 PM. Please visit the “Voter Information” tab of this website for more information.
Why is the Slaybaugh Primary addition included in the bond referendum?
Based on the strategic planning process, the community outlined preschool as a major benefit and something that should be maintained. The district agrees with the community and feels this project will help better an already outstanding preschool program.
Why have the special election in March and not November?
The district is attempting to have the least impact on the local taxpayers and utilize the maximum amount of debt service aid. The State of NJ does not include debt service aid in the first year of a referendum, currently with a March vote, the district would receive debt service aid for the referendum in the 2027-2028 budget cycle because the vote is happening prior to the finalization of the 2026-2027 budget. If the vote is postponed, the district would not receive debt service aid until the 2028-2029 budget.
How much does it cost to hold a special election?
Holding a special election is an expensive, detailed and sometimes complicated process. The district budgeted for the expenses related to this process and while the final cost will be calculated after the vote, the district is estimating the cost to be less than $40,000.
** Update 2/26/25 ** The district has received updated estimates from all County Agencies involved in the special election and the estimated cost is just under $62,000 for the special election.
Will the 14 classroom addition at Slaybaugh Primary be sufficient for preschool if there is an influx of students?
The short answer is no, based on the many housing developments under construction or pending groundbreaking; the 14 classroom addition will not be sufficient. However, the district is working with community partners to establish potential preschool classrooms throughout the district.
Is there another way the school district can receive the $8 million in Debt Service Aid from the NJDOE?