Bill
Bill > A5577
NJ A5577
NJ A5577Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
summary
Introduced
06/05/2023
06/05/2023
In Committee
06/08/2023
06/08/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
AI Summary
This bill requires the use of a five-year average of a school district's equalized property valuation, rather than just the prebudget year's valuation, in the calculation of the local share under the State's school funding formula. This change is intended to stabilize the local share calculation and ensure more predictable funding for school districts. The bill also specifies that this new method of calculating the local share will first affect State school aid calculations for the 2024-2025 school year.
Committee Categories
Budget and Finance, Education
Sponsors (1)
Last Action
Assembly Appropriations Hearing (13:00:00 12/18/2023 Committee Room 11, 4th Floor, State House Annex, Trenton, NJ) (on 12/18/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5577 |
| Fiscal Note - Fiscal Estimate 11/9/23; as introduced | https://pub.njleg.gov/Bills/2022/A9999/5577_E1.PDF |
| Analysis - Statement AED 6/8/20203 | https://pub.njleg.gov/Bills/2022/A6000/5577_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5577_I1.HTM |
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