Move that the Board of Education adopt the 2020-2021 budget in the amount of: $ 80,617,409

BE IT RESOLVED to approve the 2020-2021 school district budget.

Budget

Local Tax Levy

General Fund

$79,195,175

$34,724,474

Special Revenue Fund

$1,422,234

Debt Service Fund

Total Base Budget

$80,617,409

$34,724,474

Move that the Board of Education approve the following:         
     The district utilizes Bank Cap in the amount of $ 101,302
     The district has a taxing authority of up to $779,923 
     The maximum district tax levy available is $34,724,474 for 2020-2021.
     The details of the tax levy are as follows:

2 % Allowable Tax Levy Adjustment                         $678,891
Bank Cap                                                                              $101,032
2019-2020 Tax Levy                                                    $33,944,551
Total Available General Fund Tax Levy              $34,724,474

BE IT RESOLVED that there be raised for the General Fund $ 34,724,474  for the ensuing school year 2020-2021 allocated among the constituent municipalities as follows:

2020-2021 Percent

Local Tax Levy

Municipality

Borough of Bellmawr

11.6798686

$4,055,773

Township of Gloucester

79.5679831

$27,629,564

Borough of Runnemede

8.7521483

$3,039,137

$34,724,474

The 2020/2021 School budget Includes line 620 Budget Withdrawal from Capital Reserve- Excess Costs & Other Capital Projects with a withdrawal in the amount of  $1,154,000 to support the cost to complete the Roof Upgrade Timber Creek High School - $1,192,600

Move that the Board of Education approve the use of $ 1,154,000 from the capital reserve for the following:
Roofing upgrade at Timber Creek High School - $ 1,192,600