NJ S1986

Establishes a seven-member School Funding Formula Evaluation Task Force to study and assess State school aid under the "School Funding Reform Act of 2008," comprising the Commissioner of Education (or designee) and six public members with education and municipal finance expertise appointed by legislative leaders

Requires the task force to hold at least three public meetings across northern, central, and southern New Jersey to gather testimony from education stakeholders on the current funding formula's effects and potential improvements

Directs the Department of Education to provide the task force with all data inputs, calculations, and software algorithms used to determine State school aid for all districts

Mandates review of specific formula components including adequacy budget calculations, at-risk student weighting, special education funding methodology, geographic cost adjustments, transportation aid, security aid, and the impact of the 2018 "S-2" aid reallocation law

Requires a final report with findings and recommendations to be submitted to the Governor and Legislature within one year of the task force's organization, to be posted on the Department of Education website