See which New Jersey schools are slated to see the biggest increases and decreases in funding for the 2023-24 school year.
that would increase New Jersey’s total education spending to $10.75 billion in the fiscal year that begins in July.
Statewide, 157 districts would see funding decrease as New Jersey works to bring school funding aid in line with a 2008 formula for calculating direct aid education spending, while 407 will see their funding increase. Thirteen districts will not see any change, figures released by the state Department of Education on Thursday show.
This is pending approval from state lawmakers. Murphy, a Democrat, and the Democratic-controlled state Legislature will now negotiate a final budget that must be in place by July 1.designed to bridge the gap between the amount of money a district can take in and the amount of money it needs to provide a good education.
Despite the new funding formula being developed in 2008, a provision that prevented any districts from losing aid stayed in place until 2017. The 2008 formula is on track to be fully funded by 2025, the governor’s office has said.In 2017 — when it was announced the 2008 funding formula would be implemented — lawmakers said most districts were considered underfunded after former Gov.
“Addressing the needs of our students is the priority for all of us in education. We are grateful for the governor’s continued focus on making education a top priority and allocating the appropriate funding to support these important initiatives,” Montgomery Township School District superintendent Mary E. McLoughlin said. Her district is set to see a 15% increase in aid compared to the current school year.
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