This bill mandates that the Commissioner of Education allow certain school districts facing a reduction in State school aid to submit their budgets after the enactment of the appropriations act for the fiscal year ending June 30, 2025. Specifically, this provision applies to districts that are projected to experience a State aid reduction greater than their unused tax authority, which is defined as the difference between the maximum allowable tax levy and the actual amount raised in the current budget year. The Commissioner is also granted the authority to adjust the school budget calendar to accommodate this new submission timeline, potentially implementing a compressed schedule for budget enactment.

The bill is designed to provide flexibility for school districts that are significantly impacted by reductions in State funding, ensuring they have the opportunity to adjust their budgets accordingly. By allowing these districts to submit their budgets after the appropriations act is enacted, the bill aims to mitigate the financial challenges they may face due to the loss of State aid. The act is set to take effect immediately upon passage.