Provides that regional school districts are not subject to State school aid reductions under certain circumstances.

S 3118 prevents certain regional school districts from facing state aid reductions during 2019-2025. It specifically protects regional districts that spend at least 10% below state adequacy standards and where every constituent municipality has a property tax burden (equalized tax rate) at least 10% above the statewide average. This extends existing "hold harmless" protections - previously only available to individual districts - to regional districts formed by multiple municipalities. The bill amends New Jersey's school funding law to ensure these qualifying regional districts receive full state aid without reductions based on the new criteria.