School Funding Reform Act of 2008

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BACKGROUND

On Wednesday, December 12, Governor Jon S. Corzine and Education Commissioner Lucille E. Davy announced a new school funding formula: "A Formula for Success: All Children, All Communities."

Approximately $7.8 billion will be distributed to K-12 education for the 2009 fiscal year, an increase of $532.8 million.  All school districts will receive a state aid increase of at least 2 percent during the first year, and no school districts will see a decrease in state aid during the first three years of the program.

Governor Corzine and Commissioner Davy are presenting this formula to the Legislature in its current session and hope to have it implemented by Jan. 8.