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 often referred to as "banked cap." The bill authorizes the Commissioner to make necessary adjustments to the school budget calendar, including implementing a compressed schedule for budget enactment.

The legislation is designed to provide flexibility for school districts that are significantly impacted by State aid cuts, ensuring they have the opportunity to adjust their budgets accordingly. This temporary measure is applicable only for the 2024-2025 school year and aims to alleviate the financial strain on affected districts by allowing them to align their budget submissions with the timing of State funding decisions. The bill is set to take effect immediately upon passage.