The budget revealed a general fund budget of over $73 million, with a total general fund budget of $88,350,715, including the preschool program. Superintendent Johnson highlighted that the increase also encompasses the cost of 20 new staff positions deemed essential, including teaching positions, registered behavior technicians for special education, and apprentice teachers. Notably, the budget also includes a $1.6 million transfer into capital reserve for the modular classroom project at Wallace Elementary School, which aims to alleviate overcrowding at Brandt Elementary School. Without this project, the funds would reduce the tax levy from 24.35% to 22.16%.

Facility costs, special education needs, and other benefits like pensions and insurances also contribute to the tax increase. The business administrator noted that the budget had already been reduced from an initially higher figure and that any further reductions would be explored.

The impact of the tax levy on the average assessed property valuation of $526,000 in Hoboken is estimated at an increase of $632. This figure may adjust once the tax rate is finalized. The board intends to provide further clarification on the concept of ‘banked cap’ in future meetings, which could influence the budgeting process.