The meeting drew a large turnout in person and online, as residents voiced concerns.
The approved plan calls for $8 million in operational cuts, $6.5 million in personnel savings and a property tax increase expected to generate about $14.8 million.
"I understand that difficult decisions have to be made, but I'm struggling to understand how this district arrived at a place where cutting labor, cutting our teachers, our teacher positions, became part of the solution," Jennifer Bailey of Cherry Hill said.
Superintendent Dr. Kwame Morton Sr. said the district does not want to make cuts but faces limited options.
"The reality of a $29 million budget deficit puts us in a position where difficult decisions have to be made," Morton said.
District officials said about 70 positions districtwide, including some central office jobs, would be eliminated, mostly through attrition.
The budget also includes a 7.4% property tax increase. District estimates show that for a home with an average assessed value of $227,000, the increase would amount to about $35 more per month, or $420 per year.
Waleska Batista, president of the Cherry Hill Education Association, criticized the impact of the tax increase.
"How is that going to affect our senior population? It's unfair to them to have to shell out more money when our students are getting less," Batista said.
District administrators attributed the financial crisis largely to years of state underfunding, along with rising transportation costs, employee benefits, contractual salary obligations and student-related investments.
Assistant Superintendent Jason Schimpf said the coming school year represents a turning point.
"We simply no longer have surpluses to band-aid this issue," Schimpf said.
Officials said small increases in class sizes for grades one through eight are expected, but insisted essential programs and services will remain in place.
Cherry Hill is not alone, with school districts across New Jersey facing similar financial pressures.
"It's really time for the people in Trenton to give us our fair share," Batista said.