This bill allows the Commissioner of Education in New Jersey to permit school districts facing a reduction in State school aid for the 2024-2025 school year to submit their budgets later than usual. Specifically, these districts can submit their budgets no later than five days after the enactment of the appropriations act for the fiscal year ending June 30, 2025, provided that the reduction exceeds the district's unused tax authority. The Commissioner is also authorized to adjust the school budget calendar to accommodate this change, which may include a compressed schedule for budget enactment.

The bill is a temporary measure aimed at providing flexibility to school districts during a challenging financial period. It is set to take effect immediately upon approval, which occurred on May 14, 2024.