Red Bank property owners could face a 5.6-percent increase on their borough school tax bills, according to a report in Tuesday’s Asbury Park Press.

A proposed $22.8 million budget for the 2013-2014 school year,  introduced Monday night, calls for a 5.64-percent increase that board of education members blamed on soaring insurance costs and a five percent increase in the student population, the newspaper reported.

From the Press:

Projected insurance increases from 22 percent to 25 percent in medical coverage to a 15- to 20-percent increase in flood insurance, have resulted in a proposed hike in the local school tax rate. It would be 3.1 cents per $100 of assessed value over the current school year’s rate of 58.3 cents per $100. The average home assessed at $405,522 would see an annual increase of $121, said Debra Pappagallo, business administrator. That doesn’t include municipal, regional high school or county taxes.

A public hearing and final vote on the spending plan is scheduled for 7:30 p.m., March 28,  at the primary school.