Corzine Releases New School Spending Plan

Governor Jon Corzine’s new school spending plan has been released - A New Formula for Success. The chart below summarizes the adequate spending per student used by the state to calculate each school district’s adequate spending budget and categorical state aid.

Categorical state aid and other information for each school district may be found at the following links.

K-12 State Aid Summary, Budget Amounts and Demographic Data
K-12 State School Aid Detail
Explanatory Notes for Aid Allocations

Next year state income tax revenue will increase by $886 million, bringing the total “property tax relief fund” for public school aid to $12.5 billion. The information released today provides information on the allocation of only 62 percent of state school aid, $7.8 billion. It does not include $4.7 billion in school aid that will be allocated to districts for “regular preschool”, payroll taxes, pension contributions and debt service. It also doesn’t include the allocation of $918.3 million in federal aid.

Currently, the average spending per student for New Jersey is $16,000. Next year the average will rise to $18,000 and will be funded through $12 billion in local school property taxes, $12.5 billion in state income taxes (Property tax relief fund) and $918.3 million in federal aid to the state’s public schools.

Summary of Adequacy Budget Amounts

Adequate Spending per Student

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