This bill appropriates $54.6 million to provide additional funding through the Stabilized School Budget Aid Grant Program, aimed at restoring State school aid reductions for the 2024-2025 school year. Specifically, it stipulates that school districts facing a positive State aid differential and subject to aid reductions will receive an additional grant equal to 55 percent of their State school aid reduction. This grant is in addition to the aid already proposed in the State aid notices and any previous grants received under the same program.

The bill also outlines that the funds will be appropriated from the Property Tax Relief Fund to the Department of Education, with the first section of the act taking effect immediately and the appropriation becoming effective on July 1, 2024. The intent is to ensure that school districts are supported in mitigating the impact of the proposed aid reductions, thereby enhancing their financial stability for the upcoming school year.