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NJ S3403
Bill
Status
6/6/2024
Primary Sponsor
Carmen Amato
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AI Summary
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Appropriates funds from the Property Tax Relief Fund to ensure eligible school districts receive special education categorical aid, security categorical aid, and transportation aid for 2024-2025 at levels calculated under the School Funding Reform Act of 2008
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School districts qualify only if they experienced State school aid reductions under P.L.2018, c.67 ("S2") in both 2023-2024 and 2024-2025 school years AND are currently spending below adequacy levels
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Additional aid is provided only when the district's 2024-2025 categorical aid allocations under P.L.2018, c.67 are less than amounts calculated under the original 2007 school funding formula
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Supplemental aid is provided in addition to regular State school aid and any amounts already allocated through the Stabilized School Budget Aid Grant Program (P.L.2024, c.13)
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Intended as temporary assistance to prevent catastrophic budget cuts for below-adequacy school districts affected by the S2 aid reallocation schedule that shifted funding from "overfunded" to "underfunded" districts
Legislative Description
Provides supplemental appropriation to ensure certain school districts receive additional amounts of special education categorical, security categorical, and transportation aids.
Education
Last Action
Introduced in the Senate, Referred to Senate Education Committee
6/6/2024