New Jersey A2904 shields school districts with unpaid borrowed funds from state aid reductions and mandates repayment using surplus funds.
New Jersey A2904 amends existing law to ensure that school districts with unpaid balances on certain borrowed funds from the state are exempt from state school aid reductions. These borrowed funds include advance state aid payments and emergency aid. Instead of reducing state aid, districts must use their undesignated general fund balance, or surplus funds, to repay these borrowed funds. This requirement applies to districts that have an outstanding balance on borrowed funds and are otherwise subject to a reduction in state school aid.
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- Legal Framework
- Critical Issues
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