HOLMDEL SCHOOL DISTRICT LOST $2.5 MILLION IN STATE AID FOR 2010/11 86.5% Reduction in Aid Follows Loss of $165,475 This Year State aid figures released Wednesday afternoon, March 17, 2010 show that the Holmdel Township Public School District will receive just $396,303 in general fund state aid for 2010/2011 – a loss of $2,540,463.  Details of the cut, which represents an 86.5% reduction in state aid from the 2009/2010, came just 7 days before the Board of Education is scheduled to approve a preliminary budget. Districts must submit their budgets to the Executive County Superintendent for approval by March 22. The Public Hearing and Final Budget Adoption must be completed by April 3 and the budget election will be held on April 20. The district had estimated a 15% reduction in state aid based on recommendations from the State and Executive County Office. Just two weeks ago, school districts received a request from the State for the projected number of layoffs if state aid funds were held flat. Through budget meetings that began in October, district administrators have identified various scenarios of reductions. This reduction exceeds every scenario that was anticipated during months of budget meetings.