0:00The primary concern at the meeting was the preliminary budget for the 2025-2026 academic year. The presentation highlighted the district’s strategic planning efforts, emphasizing the importance of aligning the budget with the district’s priorities. The board recognized the necessity of data-driven decision-making in optimizing resource allocation and improving student performance on standardized assessments. The presenter underscored the challenges posed by a 3% decrease in state aid, amounting to a $97,148 shortfall. This financial strain necessitated swift adaptations, including the potential for shared services with other districts to offset costs. The board also addressed the cyclical nature of budget planning, emphasizing the need for ongoing evaluation of priorities to balance instructional needs with financial sustainability.

58:29The board reviewed current partnerships and services that help manage costs, including collaborations with Region Five for special education transportation, the Borough of River Edge for utility services, and participation in a multi-district insurance group, referred to as Nbig. Additionally, the board has budgeted for a 15% increase in energy costs. The board’s engagement with Bergen County Technical Services and other state contracts further exemplifies their strategic planning to manage expenses.

Amid the financial discussions, the board acknowledged increases in healthcare costs, with a 19% rise in the previous year and an expected 15% increase in the upcoming year. This led to a tax increase of 4.49%, surpassing the usual 2% cap due to an allowable healthcare adjustment. The board explored various revenue sources to mitigate the impact of state aid reductions, including tuition from out-of-district students, interest from investments in long-term CDs, and miscellaneous receipts from aftercare programs. Despite these efforts, declining enrollment trends present ongoing challenges, as funding is closely tied to student numbers.

1:13:16The board also discussed the management of capital reserve funds, stressing the importance of careful oversight given the estimated $20 million in anticipated future projects. A member highlighted the potential challenges of withdrawing from the capital reserve, which could limit investment opportunities and reduce interest revenue. The conversation also touched on available grants, noting that current options are limited as previously accessible funds have been depleted.

In addition to financial matters, the superintendent’s report provided updates on recent and upcoming events, including a successful professional development day and an upcoming family math night for young students. The superintendent expressed confidence in the district’s readiness for the upcoming New Jersey Quality Single Accountability Continuum (NJQSAC) inspection, emphasizing the importance of scoring at least 80% in each category to avoid corrective actions.