Cranford Public Schools bond referendum tax impact lower than estimated
Cranford Public Schools is pleased to announce that the district was able to secure lower rates for bonds than previously projected, meaning that residents will pay less taxes for the projects approved by the community last January in the bond referendum.
In January, voters approved the Cranford Public Schools bond referendum to complete facility upgrades, modernize classroom spaces and provide space for full-day kindergarten for all students. This authorized the district to sell bonds to borrow money for these projects.
In June, the district sold the bonds at lower rates than previously projected. Seven public bids indicated interest rates had gone down from the original estimated annual tax impact of $410 for the average assessed home ($186,000) to $383.05 - a savings of nearly $27 per year. The district also still has the option in the future to refinance should rates drop even lower.
“As part of the district’s strategy to be fiscally responsible, we used conservative estimates of the interest rate throughout the referendum process,” said Business Administrator Robert Carfagno. “We were pleased to see that rates were lower than anticipated. The vote was only the beginning of this process, and it is important to continue to share how taxpayer money is being spent.”
The first referendum project, the bleacher replacement in the Cranford High School (CHS) main gymnasium has been completed, which is a critical safety upgrade for all community members.
Next Steps
The district is planning to go out to bid in the fall of 2024 for the following items:
- Electrical service upgrades
- Elevator replacement
- Bathroom renovations
- Window replacements
The district is planning to go out to bid in December 2024 for the following items:
- Full day kindergarten and interior renovations
The next group to go out to bid will include:
- Front stair, entryway and masonry repairs at CHS
- STEAM lab renovation
- Food science room renovation
The state requires school districts that pass a referendum to award contracts through a competitive bidding process; the district is required to use the lowest-qualified bidder. This protects the community’s interest in ensuring that projects are completed in the most cost-effective way possible.
“We’re excited about how these projects will benefit Cranford Public Schools in the future,” said Superintendent Scott Rubin, Ed.D. “We’ll continue to provide updates to residents as these projects are completed.”
Please visit cranfordschools.org/vote for updates.