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Budget gap narrows after PSEG pilot payment; proposed levy above tax cap
Summary
District business staff presented a 2025–26 budget that uses a new PSEG pilot payment and other changes to reduce a roughly $6.3 million gap to about $1.7 million, leaving a proposed 2.3% tax levy increase above the district's 1.12% tax-cap allowance.
Business Office staff member presented the Board with the second 2025–26 budget review, saying the draft plan assumes a flat tax levy worth roughly $73,100,000 and anticipates an increase in state aid and investment income that together help narrow a multimillion-dollar shortfall.
The presentation laid out revenue estimates of about $111,200,000 for 2025–26, a decline of roughly $2.9 million (2.5%) compared with the current year. State aid is expected to rise by about $759,000, with Foundation Aid contributing roughly $385,000 under the Governor's executive proposal. Interest earnings on cash balances were cited as roughly $1,700,000 but were described as sensitive to future Fed funds rate changes.
Why it matters: those revenue changes, plus a…
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