Cherry Hill residents will likely see another increase in their school taxes in 2015.
The Cherry Hill Board of Education approved the preliminary 2015–16 school budget on first reading during a special action portion of their work session meeting last night.
Cherry Hill residents with an average assessed home of $223,500 will see a $77.73 increase in their taxes this year. This is a 1.68 percent jump in taxes from the previous year.
This year’s tax increase is less than the 1.91 percent increase residents faced last year. Assistant superintendent for business James Devereaux said the township had a $16 million increase in ratables this year, meaning individual households are seeing less of an increase even though the school district is raising the overall tax levy 2 percent. Last year, the average assessed home had an $87 increase in their school taxes.
During his budget presentation at the February action meeting, Devereaux said the tax levy increase will bring in extra money for the district to balance its budget.
“It provides an additional $3.1 million to us,” he said.
The district did not receive any additional help in the form of state aid this year. The school district is receiving approximately $12.9 million, the same amount it received in 2014–15. The lack of state aid has been a talking point for many board members in the past.
The budget itself did not undergo any major changes from last year. Devereaux said no programs are being added or cut this year. The district is adding four teaching positions. One is an English language learner instructor, the second is for school age child care and the final two will be high school teachers.
The district is also continuing to work on whittling down debt. The district is making payments on a pair of lease purchase agreements stemming from its energy savings plan. Devereaux said the district may be able to finish payments early, but 2019 will be the year the lease purchase will be paid off.
“As it now stands, you will be debt-free by 2019,” Devereaux said to the board.
The total budget is increasing 2.2 percent from last year. Since the 2008–09 school year, the budget has risen 6.53 percent, or less than 1 percent on an annual basis.
The district’s preliminary budget is now being sent to the county superintendent’s office for approval. A vote for adopting the budget will take place at the board of education’s action meeting on April 28.
