Dear Oaklyn Community,
We are writing with important news about the Oaklyn School District budget. The NJ Department of Education (NJDOE) just informed us last week about a tax levy incentive aid program that allows us to adjust our funding beyond the 2% cap and secure much-needed resources for our school.
What financial challenges does Oaklyn face?
Since 2009, NJ districts have been constrained by a 2% tax cap that limits budget adjustments each year, regardless of how much actual costs increase. This restriction has steadily widened the gap between the funding needed to provide a thorough and efficient education for our children, and what we can collect as part of the local tax levy.
This flawed funding formula has left Oaklyn $760,000 "Under Adequacy" according to the NJDOE, which means the state itself recognizes we need an additional $760,000 to maintain our programming. Without addressing this funding shortfall, our district faces difficult choices including larger class sizes, reduced program offerings, and insufficient curriculum supplies for our children.
How would this program help?
This program allows qualifying districts like ours (300 school districts across the state) to adjust funding levels above the 2% cap. Additionally, the NJDOE will provide a bonus equal to 5% of the adjustment for the 2025-26 budget year. This opportunity could allow us to close our adequacy gap and preserve important positions and programs for our students.
What would this mean for the community?
With this potential funding solution in place, we would be able to maintain educational quality and avoid damaging cuts. While it would secure a more sustainable future for our school, we fully understand the financial impact it will have on our community. The Board is committed to exploring all options carefully and presented funding scenarios at the special Board Meeting on Wednesday, April 9th.
OPS School Budget Update – NJDOE Tax Levy Incentive Program Presentation (Click Here)
OPS School Budget Update – NJDOE Tax Levy Incentive Program FAQs (Click Here)
Although this is uncharted territory, we're excited about the opportunity to bring financial stability to our District after years of difficult constraints. We invite you to attend our meetings as we discuss these important decisions about Oaklyn's educational future. Thank you for your continued support of OPS, and we look forward to navigating these decisions together.
Sincerely,
Rich Taibi and Therese Marmion
President and Vice President, Oaklyn Board of Education