3-23-22 LRHSD Releases 22-23 Budget Information

  • In preparation for submission to the New Jersey Department of Education, the Superintendent’s office is sharing preliminary budget findings. 

    The total 2022-2023 General Fund Operating Budget is $166,321,554 less the withdrawal from Capital Reserve of $3,210,000 for capital outlay projects nets the General Fund Budget to $163,111,554, which represents a 2.74% increase over the previous year. This increase is the overall net difference of a 2.00% tax levy increase and a decrease of State Aid in the amount of $273,557.00. 

    The Debt Service tax levy is increasing by $1,510 which reflects the current payment schedule for the 2022-2023 year for bonds issued or refunded that were previously approved by the tax payers in 1998 and 2005. 

    The district is proud that a balanced budget could be put forth for approval. This is due to operational and staffing reductions including not replacing retirements and cost saving measures proposed by the administration and subject to approval by the Executive County Superintendent. Once approved, a more in-depth discussion of budget and tax impact will occur during a public hearing which will take place at the K. Kiki Konstantinos Administration and Staff Development Building, 93 Willow Grove Road, Shamong, New Jersey at 7:30 p.m. on Wednesday, April 27, 2022. 

    The General Fund Tax Levy increase of 2.00% and a Debt Service Tax Levy increase of 0.02% results in the tax impact outlined below. 

     

    • Evesham Township – Tax levy increase of 1.94 cents, resulting in an increase in regional school taxes of $55.64 on a home assessed at the township average of $272,266.

    • Medford Township – Tax levy decrease of 2.04 cents, resulting in a decrease in regional school taxes of $88.82 on a home assessed at the township average of $323,663.

    • Medford Lakes Borough - Tax levy increase of 8.41 cents, resulting in an increase in regional school taxes of $248.14 on a home assessed at the borough average of $288,683.

    • Mt. Laurel Township – Tax levy increase of 1.84 cents, resulting in an increase in regional school taxes of $45.21 on a home assessed at the township average of $237,900.

    • Shamong Township – Tax levy decrease of 0.14 cents, resulting in a decrease in regional school taxes of $2.57 on a home assessed at the township average of $309,458.

    • Southampton Township – Tax levy increase of 3.45 cents, resulting in an increase in regional school taxes of $66.27 on a home assessed at the township average of $192,486.

    • Tabernacle Township – Tax levy decrease of 0.76 cents, resulting in an increase in regional school taxes of $10.68 on a home assessed at the township average of $271,155.

    • Woodland Township – Tax levy increase of 8.06 cents, resulting in an increase in regional school taxes of $208.69 on a home assessed at the township average of $255,300.