The bill amends Section 5 of P.L.1996, c.138 (C.18A:7F-5) to clarify the notification process for school districts regarding state aid and budget submissions. It specifies that the term "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 district of various financial metrics, including the base per pupil amount and maximum aid payable for the upcoming school year, 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.

Furthermore, the bill includes several deletions from previous legislation, particularly regarding the general fund tax levy calculations and the conditions under which districts can appeal budget reductions. It emphasizes that any proposed budget exceeding the adequacy budget must be clearly communicated to voters, and it allows for the submission of proposals for additional funds under certain conditions. The act is set to take effect immediately upon approval.

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