The bill mandates the Commissioner of Education to implement new procedures for preliminary State school aid notices and school district budgets, while also establishing the New Jersey Education Funding Portal. Starting with the 2026-2027 school year, the commissioner is required to provide each school district with a preliminary State aid notice by the end of the first week in December, detailing the minimum amount of State aid for the upcoming school year. Additionally, the commissioner must inform districts of the maximum aid payable and the adequacy budget for the succeeding school year, along with projected statewide property and income rates for local share calculations.

The legislation also modifies existing school funding laws to enhance the calculation of local shares and improve transparency in state aid distribution. Key changes include revising how equalized valuation and district income are calculated, now based on the average of the preceding three years, with specific adjustments for the prebudget year. The bill establishes the New Jersey Education Funding Portal to provide public access to data related to state school aid, allowing users to estimate the impact on aid. It also allows districts facing aid reductions to submit and revise their budgets within a specified timeframe, aiming to streamline the budgeting process and ensure clarity in funding calculations for both districts and the public.

Statutes affected:
Introduced: 18A:7F-5, 18A:7F-46, 18A:7F-52