At its Monday afternoon meeting, the Jackson Board of Education voted to place a referendum on this November’s ballot to raise an additional $4 million in funds for the school district by raising taxes on residents.
Lakewood Alerts previously reported that the Jackson BOE was planning this move after the state cut millions of dollars in funding to the district – a move that is almost certain to lead to the appointment of a state monitor who would oversee school district budget cuts.
Additionally, the BOE will be requesting a $10.2 million loan from the state to help balance their floundering budget.
The district’s financial troubles stem from S2 – a New Jersey law passed several years ago that phases out funding for school districts with declining student bodies. With Jackson’s student population dropping by nearly 30% from its height of roughly 9,800 students, the district has seen about 10% of its state funding cut, accounting for millions of dollars less to spend.