Requires Commissioner of Education to take certain action concerning preliminary State school aid notices and school district budgets and creates New Jersey Education Funding Portal; modifies certain provisions in school funding law.
What changed between versions
The averaging period for equalized valuation (EQVAL) and district income (INC) used in the local share formula was reduced from five years to three years. This means districts' property wealth and income will be measured over a shorter window, making local share calculations more responsive to recent changes in property values and income.
For the 2026-2027 school year specifically, the prebudget year value for both equalized valuation and income is set at the prior year's value multiplied by 1.05 (a flat 5 percent increase) rather than using actual data, providing a transitional mechanism.
A new section was added containing the full text of C.18A:7F-5, which establishes detailed requirements including: preliminary State aid notices by the end of the first week in December; maximum aid notifications within two days of the Governor's budget message transmittal; budget submission deadlines of March 4 (or March 20 for November election districts); administrative cost caps tied to prior year costs or regional limits inflated by cost of living or 2.5 percent; and procedures for separate voter proposals for additional funds.
Co-sponsors Assemblyman Angelozzi and Assemblywoman Morales were added, indicating broader legislative support for the bill.
The explanatory Statement section describing the bill's provisions was removed from the reprint version, which is a standard procedural change when a bill is reported out of committee.
