This bill aims to enhance the fiscal oversight of school districts that receive commercial valuation stabilization aid and are located within municipalities designated as needing stabilization and recovery. Specifically, it mandates that these school districts, or a State monitor appointed by the Commissioner of Education, report directly to the Director of the Division of Local Government Services on a weekly basis. This requirement is intended to improve coordination between state oversight functions for both municipal and school operations, particularly in areas like Atlantic City, which is currently under such supervision.

Additionally, the bill grants the Director of the Division of Local Government Services the authority to oversee the fiscal management and expenditures of these school districts. This includes the power to approve expenditures, even for districts under the direct oversight of a State monitor. The director will possess the same powers as a State monitor in ensuring the efficiency of school district expenditures, thereby reinforcing the state's role in managing financial operations within these districts.