The bill amends Section 5 of P.L.1996, c.138 (C.18A:7F-5) to clarify the definitions and procedures related to school district funding and budget submissions in New Jersey. It specifies that the "cost of living" is defined as the Consumer Price Index (CPI) as per P.L.2007, c.260. The commissioner is required to notify each school district of various financial metrics, including per pupil amounts and aid payable, within specified timeframes. The bill also establishes that for the 2008-2009 school year and beyond, aid amounts will be based on projected pupil counts, with adjustments made in the following year based on actual counts. Additionally, it outlines the requirements for districts to raise a general fund tax levy that meets their required local share and details the process for budget submissions and potential adjustments.

Several provisions have been deleted from the current law, including specific limitations on general fund tax levies and requirements for budget proposals. The bill allows districts to submit proposals for additional funds to voters, with certain restrictions on the types of programs that can be included. It also emphasizes the need for districts to demonstrate efficiency in their administrative operations to avoid unnecessary tax levies. Overall, the bill aims to streamline the funding process for school districts while ensuring that they meet educational adequacy standards.

Statutes affected:
Introduced: 18A:7F-5, 18A:7F-39
Advance Law: 18A:7F-5, 18A:7F-39
Pamphlet Law: 18A:7F-5, 18A:7F-39