TRENTON _ State Senate President Steve Sweeney and Senate Budget and Appropriations Committee Chair Paul Sarlo will hold a press conference this morning to announce the details of an historic legislative compromise to bring new equity to the funding of public education in New Jersey.
Sweeney and Assembly Speaker Vincent Prieto last night issued a press release announcing they have reached agreement on a ground-breaking school funding plan that provides $146 million in additional aid to underfunded districts and reallocates Adjustment Aid from districts receiving more than 100 percent of their fair share of full state funding.
The plan includes $100 million in new school aid for underfunded districts and $46 million in reallocated Adjustment Aid, plus $25 million to expand pre-school education. The agreement reached by the legislative leaders caps Adjustment Aid cuts in affected districts at no more than 1.5 percent of their school budgets.
The Sweeney-Prieto agreement follows months of hearings by the Senate Select Committee on School Funding Fairness and the Assembly Education Committee on inequities in the state’s school funding formula. The agreement revamps funding for the 2017-2018 school year.
(This is a developing story. Check back for updates.)
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