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Board hears finance briefing that flags 28% spike in health insurance costs
Summary
At its Oct. 14 workshop, the Hardyston Township Board of Education’s finance committee warned of an anticipated 28% increase in health insurance premiums—about $560,000 in additional projected spending—that will leave a multi-hundred-thousand-dollar budget gap the district plans to explore with its broker and state funding sources.
The Hardyston Township Board of Education heard a finance committee report on Oct. 14 that identified a steep projected increase in employee health insurance costs for the coming year.
A committee member (speaker 4) told the board that the district “anticipate[s] a 28% increase in premium spending for next year—that’s probably close to $560,000 in new expenditures,” and said the district faces a remaining shortfall after applying the maximum 2% tax levy increase. The speaker said the district expects to ask its insurance broker about cost-reduction options and to pursue state funding to offset the gap.
The report also described routine monthly expenses (characterized in the presentation as about $1.3 million) and confirmed the district received a donor gift of roughly $22,000 to pay for a new elementary-school electronic sign. The donor requested a commemorative plaque, and board officials said the sign installation will begin in coming weeks.
Finance committee members told the board they would seek more concrete information from the insurance broker in the coming months and expected to have additional options to consider by January, when the board may need to make budget decisions.
Board discussion recorded in the meeting transcript did not include a formal vote on any budget action; the committee report functioned as an informational update and a request for follow-up from staff.
