This bill proposes an increase in the appropriated amount for school building aid grants for construction and renovation projects, raising the minimum funding level from $50 million to not less than $60 million per fiscal year, effective July 1, 2025. Additionally, it mandates that at least $5 million of this total be allocated to projects that began construction between July 1, 2009, and June 30, 2019, which would have qualified for building aid had funding been available. The bill also stipulates that school building aid grants will be funded from the state operating budget without the issuance of state bonds, and these funds will be nonlapsing and continually appropriated.

The bill amends existing legal language by replacing the previous cap on school building aid with a new minimum funding requirement, while also introducing provisions for alternative school building aid grants calculated at 50% of the current applicable grant amount. It does not provide new funding or authorize new positions but anticipates an increase in local revenue due to the enhanced funding for school building projects. The estimated fiscal impact includes significant increases in state education trust fund expenditures over the next few years, reflecting the commitment to support previously approved projects that were not funded during a moratorium.

Statutes affected:
Introduced: 198:15-a, 198:15-w