Authorizes school district that moves its annual school election to November to submit separate proposals for additional spending for budget year and subsequent budget year.

This bill allows New Jersey school districts that have moved their annual school election to November to submit separate proposals for additional spending for either the current budget year, the subsequent budget year, or both. Currently, districts moving elections to November face challenges because approved spending increases must be implemented immediately, making budget planning difficult. The bill specifically prohibits districts from applying "banked" tax levy increases to the subsequent year if they submit a separate proposal for that year's spending. This change provides greater flexibility for school districts to align their budget planning with the timing of their November elections, and would first apply to the 2024-2025 school year.