The Mountain Lakes Board of Education presented its 2010-2011 budget which proposes lowering overall spending by $759,000 compared to the previous year, despite unprecedented budget cuts from the state totaling $1.4 million. This is proposed to be achieved through reducing staff by 12.9 FTE positions for ongoing annual savings of $777,741, virtually suspending capital spending, and continued cost cutting across all areas. Even with these reductions, a proposed tax increase of 2.47% is still required, equivalent to $214 more per average home. The budget aims to maintain educational excellence while respecting fiscal discipline given current economic challenges.