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Parsippany‑Troy Hills adopts $198M budget; moves to self‑funded health plan to offset insurance spike
Summary
Superintendent Dr. Chase presented a $198 million final 2026–27 budget relying on an 86% local levy. A broker projected up to a 45% health‑insurance increase ($13.6M); the district plans to self‑fund benefits to reduce the net increase to roughly 30%, avoid program cuts and use stop‑loss insurance (individual threshold $250,000).
The Parsippany‑Troy Hills Township School District presented and advanced a final 2026–27 budget of about $198 million, with administration stressing limited revenue growth and rising costs.
"Our budget comes in at approximately $198 million with about 86% of that coming from the local tax levy," Superintendent Dr. Chase said, noting state aid was about 8% and other sources make up the balance. He told the board a broker had indicated a likely health‑insurance increase of as much as 45%, producing an estimated $13.6 million increase in premium costs and leaving a residual budget gap of roughly $6.2 million after the state's allowable adjustment.
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