• January 24 Referendum - Financial Information

    Project Cost Summaries

    Includes soft costs such as hazardous materials abatement, legal fees, bonding fees, architectural/design fees, and contingencies

    Building/Site Envelope Systems Instructional
    Spaces    		 Security Site Totals
    Elementary School $199,982 $5,903,673 $4,240,796 $79,881 $343,237 $10,767,569
    High School $518,726 $349,477 $1,098,278 $87,369 $199,701 $2,253,551
    Out Buildings/Parking $43,685 $137,295 - - $567,900 $748,880

    As you can see, nearly 80% of this project is being invested in Manasquan Elementary School.

    Graphic showing the proportional cost of referendum by site.

  • Funding Estimates

    • Total amount of bonds: $13,770,000
    • Estimated interest rate: 4.250%
    • 32% of principal and interest will be paid for through debt service aid
    • Estimated net total repayment for Manasquan over 25 years: $13,922,751
    • Annual cost per $100 of a property’s assessed value
      • Current (2022) debt service cost per $100 of home value - $.081
      • Estimated average ($419.52) debt service cost per $100 over life of loan - $.066

    This referendum requests voters to approve a $13,770,000 bond which will go towards the renovation of roofs, HVAC equipment, art rooms, science labs and classrooms. Approximately 80% of construction will take place at the elementary school with the remaining 20% taking place at the high school and parking lots.

    The following breakdown shows how the principal and interest will be repaid:

    State of New Jersey $7,380,506
    Sending District Share of Interest $894,984
    Interest Earnings $333,984
    Manasquan Taxpayers $13,922,751

    Graphic showing principal and interest repayment amounts.

    Without a referendum, if the District were to finance these projects individually over time, the Manasquan taxpayers would be responsible for 100% of the costs with no state aide.  

    Tax Impact

    By taking advantage of the timing of expiring existing debt, passage of this much needed referendum will still result in a lower debt service tax rate for Manasquan taxpayers than their current rate in 2022.  In fact, even with voter approval of this project, school debt service taxes will continue to decrease over the life of this bond.

    The median Manasquan taxpayer has already paid $519 in debt service taxes for 2022.  The chart below shows the debt service tax burden on the median home every year during the repayment period of this proposed project.  As you can see, the rate will still never exceed the amount of tax paid in 2022. (Use our tax calculator to see the impact on your own property's assessed value.)

    Tax
    Year    		 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50
    $ 519 465 462 505 498 500 500 512 507 505 501 495 488 482 475 470 467 461 460 450 431 420 408 396 169 164 158 153 147

    Tax amounts based on median assessed Manasquan home ($639,003) rounded to whole dollars.

    The biggest take away that affects you is that every year the bond is being repaid, your debt service tax bill will be LESS than the 2022 average of $519.  (Use our tax calculator to see the impact on your own property's assessed value.)