Bill Text: NJ A4437 | 2024-2025 | Regular Session | Introduced
Bill Title: Appropriates $54.6 million for additional round of funding through Stabilized School Budget Aid Grant Program to restore State school aid reductions in 2024-2025 school year.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-05-20 - Introduced, Referred to Assembly Education Committee [A4437 Detail]
Download: New_Jersey-2024-A4437-Introduced.html
Sponsored by:
Assemblywoman ANDREA KATZ
District 8 (Atlantic and Burlington)
SYNOPSIS
Appropriates $54.6 million for additional round of funding through Stabilized School Budget Aid Grant Program to restore State school aid reductions in 2024-2025 school year.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning State school aid and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of P.L.2018, c.67 (C.18A:7F-67 et al.) or any other law, rule, or regulation to the contrary, a school district for which the State aid differential, as defined in section 3 of P.L.2018, c.67 (C.18A:7F-67), is positive in the 2024-2025 school year and that is subject to a State school aid reduction in the 2024-2025 school year pursuant to the provisions of P.L.2018, c.67 (C.18A:7F-67 et al.) shall receive an additional aid grant under the Stabilized School Budget Aid Grant Program established pursuant to section 1 of P.L.2024, c.13. The amount of the aid grant awarded pursuant to this section shall be equal to 55 percent of the amount of the school district's State school aid reduction, as calculated pursuant to section 4 of P.L.2018, c.67 (C.18A:7F-68) and proposed in the State aid notices for the 2024-2025 school year distributed to school districts in February 2024. An aid grant distributed to a school district pursuant to this section shall be in addition to the amount of State school aid proposed in the State aid notice for the 2024-2025 school year distributed to the school district in February 2024 and the amount of the aid grant that the school district received pursuant to section 1 of P.L.2024, c.13. The Commissioner of Education shall provide an aid grant pursuant to this section to a school district, upon verification that the school district is subject to a State school aid reduction in the 2024-2025 school year.
2. There is appropriated from the Property Tax Relief Fund to the Department of Education the sum of $54,631,923 to effectuate the provisions of section 1 of this act.
3. Section 1 of this act shall take effect immediately. Section 2 of this act shall take effect on July 1, 2024, and the amounts appropriated in section 2 of this act, to effectuate the purposes of section 1 of this act, shall be distributed in the 2024-2025 school year.
STATEMENT
This bill provides a $54.6 million appropriation to restore 55 percent of State school aid reductions proposed for the 2024-2025 school year. This is the amount of State school aid reductions that remains after consideration of funding that is provided through P.L.2024, c.13.
P.L.2024, c.13 establishes a Stabilized School Budget Aid Grant Program, which provides aid grants to eligible school districts equal to 45 percent of the amount of the school districts' State school aid reductions as calculated for the 2024-2025 school year. This bill provides an additional round of funding through the Stabilized School Budget Aid Grant Program to restore the remaining 55 percent of proposed State school aid reductions.
