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Board warned a potential 28% insurance jump could push up tax levy
Summary
Hardyston Township Board of Education finance chair said the district was quoted a potential 28% insurance premium increase and a scenario that could raise the tax levy roughly 4.5%; the board is seeking alternate quotes and weighing a roughly $100,000 facilities maintenance plan.
The Hardyston Township Board of Education’s finance committee reported on Monday that the district faces a significant insurance premium increase and is exploring alternatives to limit impacts on taxpayers. Anthony Alfano, the board member leading finance, told the board the state plan illustration showed “we're still anticipating a 28% increase in premiums,” and that one projection from a vendor suggested the tax levy could rise “maybe the tax levy goes up 4.5 percent.”
Alfano said the board met with Integrity Consulting Group and is soliciting additional quotes to avoid enrolling in a plan that would substantially increase costs. “We're shopping around,” Alfano said; he emphasized there are multiple scenarios and “none of them are good” until insurers provide firm numbers.
The committee also discussed a facilities maintenance item described in the meeting as an “18 maintenance plan,” estimated in the transcript at about $100,000. Alfano said the maintenance plan and the insurance scenarios both affect budget projections but that the precise exposure is not yet known because the district is waiting on final quotes from insurers.
Board members asked staff to continue seeking alternatives and to report back with comparative proposals before the budget adoption cycle. No formal budget change or levy action was taken at the meeting; the item was presented as an update and a warning that board decisions this winter may be constrained by rising insurance costs.
