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Ridgewood School Board Resolution for Reduction of 2019-20 Budget 2% Increase by $551,887

Resolution for Reduction of 2019-20 Budget 2% Increase by $551,887

WHEREAS, the 2018-2019 Ridgewood School Budget property tax levy exceeded the New Jersey 2% ceiling on annual property tax increases by $551,887 by using allowable waivers under the cap rules; and
WHEREAS, the increases in state aid for the 2018-2019 school year provided the District with additional revenue not built into the 2018-2019 Budget; and
WHEREAS, the Ridgewood School Board voted on July 24, 2018 to revise the annual Requisition of Taxes from $97,996,144 to $97,444,257; and
WHEREAS, the reduction in the Requisition of Taxes was achieved using part of the additional state aid; and
WHEREAS, by reducing the Requisition of Taxes by $551,887, the property tax base was not reduced, and this amount will be in future year property taxes for purposes of calculating the allowable 2% annual increases; and
WHEREAS, it was the intention of the Ridgewood School Board to permanently reduce the property tax base by the restored $551,887;
NOW BE IT RESOLVED, the Ridgewood School Board does hereby instruct that the 2019-2020 Ridgewood School Budget be prepared under the assumption that the maximum allowable property tax increase is set at 2% LESS $551,887 to permanently eliminate the effects of the2018-2019 property tax increas