Also, if the budget went down why is there a need for an increase? Did scholarship demand go up or donations go down so much in one year?
Dear Fellow Moriah Parents:
Last evening, the Board of Trustees adopted a budget for the coming academic year. This is a challenging process recognizing the inherent hurdle of balancing academic excellence with our commitment to keep a Moriah education accessible to all and being fiscally responsible. We believe the guiding principles employed throughout the process serve us well. They are as follows:
· Continually advance our program
· Maintain our financial needs-blind policy
· Minimize financial impact to parents
· Treat staff respectfully
The board meeting was the final step in an extensive process that began in December. The administration, finance committee and executive committee, invested significant time and effort to ensure that we meet all of the primary objectives. It is imperative to note that as part of the process we have challenged all material operating expenses and have made cuts, as appropriate, while maintaining the quality of education. Over the past three years, we have reduced our overall budget from 15 million to 13.3 million dollars and we continue to explore additional reductions which will not have a negative impact on our educational program.
We are pleased to be offering our faculty and staff a modest salary increase for the coming year. Moriah continues to lead our Bergen County peer schools in overall compensation packages. This will allow Moriah to continue to attract and retain the best faculty and administration.
Factoring these changes, gaining staffing efficiencies as well as operating expense cuts, tuition will need to be increased for grades 1 - 5 and grades 6 - 8 by $600 and $800, respectively. This increase honors our fiduciary responsibility of balancing continued academic excellence while controlling costs.
Despite the financial volatility in the world outside, there is the gratification within our school - that eager students continue to be challenged and engaged in meaningful learning. We are fortunate to have a dedicated administrative team and an equally talented teaching staff.
Special thanks to Yussie Leiser, whose financial acumen and historical understanding of the budget are unparalleled. We would also like to extend our gratitude to the administrative team and business office who labored tirelessly in arriving at a fiscally responsible budget. Finally, thank you to the Board of Trustees, Executive and Finance committees for their dedication to this process.
Michael Goldsmith - President
Jeremy Schwalbe - Chairman of the Board
Dr. Elliot Prager - Principal