Establishes certain mechanisms to address significant unanticipated cost increases experienced by school districts.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes mechanisms for New Jersey school districts to address significant, unexpected cost increases. It allows boards of education to supplement capital and maintenance reserve accounts with unanticipated revenue or appropriations, and to create new reserve accounts for specific needs like current expense emergencies, debt service, federal impact aid, and cost stabilization. Furthermore, it enables boards to apply for mid-year budget adjustments to cover unexpectedly high expenses, subject to commissioner approval and reporting requirements.
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