Frequently asked questions
What is a bond referendum?
A bond referendum is the mechanism the State has established to provide an opportunity for voters to decide if a school district will be authorized to raise funds for renovations, repairs, replacement and/or new construction.
Why must the District borrow all of the money? Hasn’t the New Providence Board of Education saved money over the years for school renovations?
Although State regulations do permit a school district to build a reserve fund over the course of a number of years for capital improvements, the District chooses to use the bond referendum mechanism to fund major capital improvements. One main reason for this decision is that the State has mandated districts to reallocate reserve funds to plug state aid cuts in the past. Also, the District does fund minor capital improvements on a yearly basis that is part of the annual school budget.
When will the vote on the bond referendum take place?
The public will have the opportunity to vote on the proposed bond referendum on Tuesday, September 27, 2016. Polls will be open from 7 am to 9 pm.
How much will the proposed project cost?
The total cost for the project is $15,885,065.00. That figure includes all three (3) buildings.
Is the District receiving state aid for the proposed project?
The Board of Education is extremely pleased to report that the State of New Jersey has awarded the District a 36% funding grant towards the referendum.
How much will it cost me?
The total project cost is $15,885,065.00 and the State will allocate $5,764,195.00 plus interest towards the total project cost in the form of debt service aid that will be paid on a yearly basis. The average home in New Providence is assessed at $289,000.00, which has a market value of $556,654.00. The estimated average tax increase over the life of the bond is $12.17 per month or approximately $146.00 per year. When factoring in retired debt (bond issue that ended in current school year), the average increase over the life of the bond is $5.42 per month or approximately $65.00 per year.
Why do we need to undertake this project?
Our schools are aging and in need of repair. The High School/Middle School was built in 1957, A.W. Roberts in 1962 and Salt Brook in 1968. Certain parts of a building, such as roofs and boilers, although maintained and frequently repaired, have a limited useful life before they need to be replaced. In addition, the project will enable the District to meet the needs of anticipated growth in enrollment, security concerns and educational programs.
How were the proposed project items selected?
The proposed projects were developed through a comprehensive process which included a facilities assessment, review by architectural consultants, meetings with building principals, staff, and community members, review of programs affecting educational space, and ongoing Board review of the proposed project and its impact on the community.
What does the bond referendum do for those residents who do not have children in the schools?
The conditions and quality of local schools affect everyone in terms of property values and resale possibilities. The proposed projects will allow New Providence schools to maintain their excellent reputation, a reputation that directly protects the relative value of homes.
What happens if the bond is defeated?
The work that the Board of Education is proposing in this bond referendum needs to be completed. Certain things, such as the replacement and repair of the school roofs and boilers, cannot be delayed. If the bond doesn’t pass, the Board will have to come back to the public with another referendum in an effort to raise the money for the revised referendum.
How can I learn more about the conditions of our schools and this bond referendum?
To assist you with making an informed decision about the referendum, the Board of Education will be providing a mailer and referendum information will be posted on the District’s web page (www.npsd.k12.nj.us). The Board of Education will also be making presentations to numerous community groups and hold a few “coffee” sessions in September. Any additional inquiries should be addressed to James Testa, School Business Administrator/ Board Secretary at 464-9050 Ext, 223.
A bond referendum is the mechanism the State has established to provide an opportunity for voters to decide if a school district will be authorized to raise funds for renovations, repairs, replacement and/or new construction.
Why must the District borrow all of the money? Hasn’t the New Providence Board of Education saved money over the years for school renovations?
Although State regulations do permit a school district to build a reserve fund over the course of a number of years for capital improvements, the District chooses to use the bond referendum mechanism to fund major capital improvements. One main reason for this decision is that the State has mandated districts to reallocate reserve funds to plug state aid cuts in the past. Also, the District does fund minor capital improvements on a yearly basis that is part of the annual school budget.
When will the vote on the bond referendum take place?
The public will have the opportunity to vote on the proposed bond referendum on Tuesday, September 27, 2016. Polls will be open from 7 am to 9 pm.
How much will the proposed project cost?
The total cost for the project is $15,885,065.00. That figure includes all three (3) buildings.
Is the District receiving state aid for the proposed project?
The Board of Education is extremely pleased to report that the State of New Jersey has awarded the District a 36% funding grant towards the referendum.
How much will it cost me?
The total project cost is $15,885,065.00 and the State will allocate $5,764,195.00 plus interest towards the total project cost in the form of debt service aid that will be paid on a yearly basis. The average home in New Providence is assessed at $289,000.00, which has a market value of $556,654.00. The estimated average tax increase over the life of the bond is $12.17 per month or approximately $146.00 per year. When factoring in retired debt (bond issue that ended in current school year), the average increase over the life of the bond is $5.42 per month or approximately $65.00 per year.
Why do we need to undertake this project?
Our schools are aging and in need of repair. The High School/Middle School was built in 1957, A.W. Roberts in 1962 and Salt Brook in 1968. Certain parts of a building, such as roofs and boilers, although maintained and frequently repaired, have a limited useful life before they need to be replaced. In addition, the project will enable the District to meet the needs of anticipated growth in enrollment, security concerns and educational programs.
How were the proposed project items selected?
The proposed projects were developed through a comprehensive process which included a facilities assessment, review by architectural consultants, meetings with building principals, staff, and community members, review of programs affecting educational space, and ongoing Board review of the proposed project and its impact on the community.
What does the bond referendum do for those residents who do not have children in the schools?
The conditions and quality of local schools affect everyone in terms of property values and resale possibilities. The proposed projects will allow New Providence schools to maintain their excellent reputation, a reputation that directly protects the relative value of homes.
What happens if the bond is defeated?
The work that the Board of Education is proposing in this bond referendum needs to be completed. Certain things, such as the replacement and repair of the school roofs and boilers, cannot be delayed. If the bond doesn’t pass, the Board will have to come back to the public with another referendum in an effort to raise the money for the revised referendum.
How can I learn more about the conditions of our schools and this bond referendum?
To assist you with making an informed decision about the referendum, the Board of Education will be providing a mailer and referendum information will be posted on the District’s web page (www.npsd.k12.nj.us). The Board of Education will also be making presentations to numerous community groups and hold a few “coffee” sessions in September. Any additional inquiries should be addressed to James Testa, School Business Administrator/ Board Secretary at 464-9050 Ext, 223.