ASSEMBLY EDUCATION COMMITTEE

STATEMENT TO

ASSEMBLY, No. 942

STATE OF NEW JERSEY

DATED:  MARCH 11, 2024

      The Assembly Education committee reports favorably Assembly Bill No. 942.

This bill makes changes to the calculation of a school district’s local share in determining the district’s State school aid.

     Under current law, a district’s local share is calculated by multiplying the district’s prebudget year equalized valuation by the Statewide property value rate, divided by two, and adding this to the product of the district’s income and the Statewide income rate, divided by two.

     This bill amends the calculation to use the district’s average equalized valuation over the preceding five school years instead of the district’s prebudget year equalized valuation.

      This bill was pre-filed for introduction in the 2024-2025 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.