The Future of Randolph Schools

Bond funds can only be allocated towards funding infrastructure projects approved by the voters of the referendum. This is somewhat similar to how a homeowner might use a home equity loan for property improvements.

It is important to emphasize that these types of projects qualify for a special kind of debt service aid that is only available to districts with a voter-approved bond referendum. In Randolph’s case, the Board will receive approximately 34% of the eligible project costs.

Randolph Township Schools will enter the next phase of selling bonds and seek competitive construction bids. Construction could begin as soon as the summer of 2025 for certain projects. All the projects have an expected completion of approximately 3-4 years. Each project will be scheduled to ensure as little disruption to the normal operation of our school buildings as possible.

The following information was included in the bond resolution approved at the Board of Education meeting on July 11, 2024. 

“The Board of Education of the Township of Randolph in the County of Morris, New Jersey (the "Board") is authorized to (a) undertake various improvements, alterations, renovations, and upgrades at Center Grove Elementary School, Fernbrook Elementary School, lronia Elementary School, Shongum Elementary School, Randolph Middle School, and Randolph High School, including acquisition and installation of fixtures, furniture, equipment, and any site work; (b) appropriate $41,411,101 for such improvements; and (c) issue bonds in an amount not to exceed $41,411,101.

The final eligible costs for the projects approved by the New Jersey Commissioner of Education are $41,411,101 (consisting of $3,593,094 for Center Grove Elementary School, $3,441,773 for Fernbrook Elementary School, $8,095,866 for lronia Elementary School, $8,280,424 for Shongum Elementary School, $7,817,627 for Randolph Middle School, and $10,182,317 for Randolph High School). The projects include $0 for school facility construction elements in addition to the facilities efficiency standards developed by the Commissioner of Education or not otherwise eligible for State support pursuant to N.J.S.A. 18A:7G-5(g). The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the projects. The Board of Education is authorized to transfer funds among the projects approved at this election.”

Randolph Township Schools cannot spend more than the amount the voters authorize in a school bond referendum and can only spend funding on the projects outlined in the proposal. If actual costs are lower than estimated, the money is used to reduce the debt, and therefore, reduce taxes. 

Randolph Township Schools cannot spend more than the amount the voters authorize in a school bond referendum and cannot spend the money on anything except the projects outlined in the proposal. The district has thoroughly researched the project costs and built a contingency into the estimated cost. If actual costs exceeded what voters approved, the district would have to adjust the approved plans.