School Board Plans $5 Million FEMA Disaster Loan Application

Education officials will look for some help to offset Superstorm Sandy's expected impact to Toms River's tax ratables base. 

Board of Education members are set to approve a $5 million federal community disaster loan application for the Toms River Regional school district on Tuesday, according to the tentative April regular meeting agenda posted online. 

The Federal Emergency Management Agency program allows for a loan of $5 million if a municipality's tax base is impaired. Toms River officials have said that the township's ratables base may have lost 20 percent because of Sandy.

"Funding can be used to offset the levy in 2013 and beyond, providing a stable tax and rate environment for communities where stability is sorely needed," reads a statement from the New Jersey Department of Community Affairs Division of Local Government Services. 

The public portion of the school board's meeting begins at 7:30 p.m. in the High School North auditorium, with a closed executive session preceding at 6:15 p.m.

It still remains unclear how Sandy will impact the distribution of taxes among the regional school district's four municipalities. Ocean County now is expected to certify tax bases on May 1, according to district Business Administrator William Doering. 

The loan may be forgiven if the tax base is not restored within three years, as happened with Hurricane Katrina, officials have said. As another taxing authority, Toms River's municipal government in March made an application for the same FEMA loan. 

The full tentative April Board of Education meeting agenda can be found on the district's website.