New Jersey A2898 allows school districts to apply for state loans to cover significant budget shortfalls.

New Jersey A2898 establishes a process for school districts to apply for state loans to support their operating budgets if they face significant shortfalls. Beginning in the 2024-2025 school year, districts can apply for these loans after receiving their state school aid notice. The application must include details about the shortfall, efforts to address it through reductions or tax increases, and an analysis of the impact on education. The Commissioner of Education reviews the application and may delay certain budget deadlines until a decision is made.

New Jersey A2898 allows school districts to apply for state loans to cover significant budget shortfalls.

New Jersey A2898 establishes a process for school districts to apply for state loans to support their operating budgets if they face significant shortfalls. Beginning in the 2024-2025 school year, districts can apply for these loans after receiving their state school aid notice. The application must include details about the shortfall, efforts to address it through reductions or tax increases, and an analysis of the impact on education. The Commissioner of Education reviews the application and may delay certain budget deadlines until a decision is made.