The Princeton Board of Education has approved a total budget of $119.2 million for the 2024-2025 school year. This includes a $108.6 million operating budget, $4.8 million for debt service and a $5.8 million special revenue fund that includes grants.

 

The new budget results in an estimated increase in the effective school tax levy of less than 2.3% for Princeton taxpayers for calendar 2024.

 

“I am pleased that we have a budget for the next school year that allows us to maintain our educational excellence while minimizing tax increases,” said Dr. Kathie Foster, Acting Superintendent of Princeton Public Schools.

 

In 2024-2025, PPS will receive $5.8 million in state aid, which is an increase of approximately $477,000 over the current budget year. The operating budget for the district will increase by $2.33 million.

 

"In the face of wide-ranging cost pressures, Princeton Public Schools has effectively managed school budget impacts to our taxpayers while delivering on our educational mission," said Matthew Bouldin, PPS Business Administrator. "Over the past nine years, 2015 through 2024, PPS has limited the effective school tax increase to 1.94% annually."

 

Princeton Charter School expenses have grown by 4.5% and the appropriation for 2024-2025 is $8.1 million. Compensation--salaries and benefits—together with funding for the Princeton Charter School represent approximately 83 percent of all expenses.

 

PPS is not immune from the inflationary pressures affecting the broader economy. The budget reflects higher employment, energy, and transportation costs, according to Mr. Bouldin. Like many other districts, PPS has seen a sharp increase in transportation costs. In the last three years, PPS transportation costs have increased by 69%.

 

In the upcoming fiscal year, the local tax levy is projected to account for 81 percent of the revenue for the school district. State aid will make up 8 percent of the budget, and tuition from the Cranbury School District will equate to 5 percent of revenue.

 

Payments from Princeton University total 2% of adopted revenues, and miscellaneous revenue, including tuition paid by staff members who live out of town and who send their children to the Princeton schools, amounts to 1% of the total.

 

PPS salaries and benefits have grown by an average annual rate of 4% since the 2021-2022 school year, according to Mr. Bouldin.  

 

“The Board is grateful to the administration for the time they spent reviewing staffing levels across the district and making adjustments as needed to ensure that we had the appropriate staffing levels at each school,” said Dafna Kendal, President of the Board of Education. "Our first commitment is always to the students and maintaining educational excellence.”