The Little Ferry School Board in New Jersey adopted a $30.5 million budget for the 2023-2024 school year during its public budget meeting on May 4, 2023. The newly approved budget includes significant capital work, such as replacing classroom univents and exterior doors, and constructing a new parking lot, as well as provisions for withdrawing funds from various reserves to accommodate the school’s needs.
The new budget, which received unanimous approval from the nine board members present, includes a total general fund of $27.67 million. This is divided among current general expenses of $27.35 million, capital outlay of $277,181, and a transfer to Charter Schools amounting to $43,796. An additional special revenue fund of $2.83 million brings total expenditures to the budget’s $30.5 million total.
An approved General Fund tax levy of $21.61 million will primarily fund the upcoming school year’s budget. This is in addition to withdrawals from various reserves – $221,000 from the Capital Reserve for the aforementioned capital projects, $185,000 from the Maintenance Reserve for maintenance expenditures, and $275,000 from the Tuition Reserve for tuition adjustments from prior years.
The budget was first approved as a preliminary draft by the Little Ferry Board of Education on March 16, 2023. The Executive County Superintendent of Schools subsequently approved the preliminary budget on April 11, 2023. After being advertised in The Bergen Record on April 25, 2023, the budget was presented for public hearing on May 4, 2023, where it was finally adopted.
In other business, Superintendent Frank Scarafile shared plans about moving a monument from 123 Liberty Street to 130 Liberty Street. Additionally, the board received notice about the passing of a parent of out-of-district students and plans to solicit community donations in their memory.