Goldman Sachs Donation Great Boon for New Providence Schools

Besides a zero percent tax levy increase in the 2011/2012 proposed school budget, there's more good news for New Providence citizens.

Goldman Sachs donated $160,000 to the school district to purchase and install new technology in each of the borough’s schools. The check was presented to the Board of Education at their meeting Thursday night, where the proposed 2011/2012 school budget was also discussed.

The generous donation was on behalf of James and Teri Covello, and possible through Goldman Sachs Gives. The program takes a portion of the company’s compensation pool and sets it aside for the partners, who each direct a portion to various charities. James, a partner and New Providence resident, said he and his wife were “passionate” about giving back to the district.

“We’re very, very fortunate Goldman Sachs has a phenomenal program, which gives Teri and I the opportunity to make this donation, which we’re thrilled to do,” he said.

Superintendent of Schools Dr. David Miceli presented the couple with five potential spending options and two were chosen. From the $160,000, $104,000 of the donation will be utilized to update technology within the classrooms, while the remaining $50,000 will be put towards replacing computers that no longer function. Teri said that she and her husband based their decision in what they believed would most benefit the student community.

“We picked these two because they hit all the schools,” she said. “Every child would be affected. We liked it because it was immediate; the money will be put to work right now.”

Board President Robert Lucid thanked the Covellos and Goldman Sachs for their gesture, noting their generosity speaks volumes of the New Providence residents.

“It always astonishes me to see the level of participation and commitment that we continue to see from parents in this community for this school district, and for the future of their children,” he said. “It is extraordinary, and very well appreciated and, frankly, quite needed.”

The Board also presented its 2011/2012 budget to the public. , the borough will see a zero percent increase in the tax levy without cuts to academic or extracurricular activities. The Board’s plan, which reduced positions without compromising the programs’ delivered, originally anticipated that the district would not receive state aid for the second consecutive year. The dropped the tax level to zero.

“It was shocking, quite frankly, what happened a year ago, unbeknownst to all of us,” Board Member William Dibble said. “We wanted to make sure we really sat down and looked at the budget very carefully… with the primary goal [of] easing the burden on the taxpayers while still delivering a full program.”

Dibble added that, “we reached the zero increase primarily through the concessions of a year ago.”

Finance Committee Chairman John Wolak outlined the budget in a Powerpoint presentation. Of the $32,209,079 plan, 45 percent will be utilized for classroom instruction, which includes classroom supplies, co-curricular activities, and athletics. The second largest portion, 19 percent, will be put towards employee benefits.

“I know benefits is a hot button issue,” he said. “We have a lot of employees that are committed and dedicated to district, and benefits go along with that.”

Wolak also explained that the administrative staffs at each of the schools should be lauded for their work.

“Keeping 600 kids in check is a tall order,” Wolak said. “Our administrative teams in our buildings do that extremely effectively. They should be commended for that, not criticized.”

Out of the $322,610 in state aid, $10,000 will be used for technology replacement, while the remainder will be returned to the taxpayers.

The full budget is available on the district website. Those interested in the details of the employee’s benefits package may speak with Central Office. Voting for the proposed school budget will take place on April 27 from 7 a.m. to 9 p.m.