Princeton Schools Will See An Increase Of $346,248 In State Aid

Princeton NJ

11 March, 2022

12:23 PM

Description

PRINCETON, NJ — Princeton Public Schools will see an increase of 7.66 percent to its school budget for the Fiscal Year 2023. Earlier this month, Gov. Phil Murphy's administration proposed $19.2 billion for New Jersey pre-K to 12 schools for the Fiscal Year 2023 budget. This includes an additional $649.8 million for K-12 aid to put K-12 "formula" aid at $9.92 billion. Princeton schools will get a total of $4,866,720 in state aid from Murphy's budget – that's an increase of $346,248 from the previous year. For the 2022 school year, the district got $4,520,472. Here's how the funds broke down: Equalization aid: 0Transportation aid: 869,413Special education aid: 3,518,154Security aid: 371,547Adjustment aid: 107,606 New Jersey's school-funding formula for state aid comes from S2 — a controversial law passed in 2018 that modified how the state determines to allocate its funding for each district. FY2023 would be the fifth of seven state budgets that S2 will impact. Read More: 2022 NJ School Aid: Who's Getting More, Who's Getting Less "The demographics of the state were out of sync to where the money was headed," Murphy said. "So we agreed to S2, which has a seven-year catch-up to where the demographics are in the state." State aid is an influential factor in a district's decisions on raising local property taxes. Many say that aid cuts or flat spending each year give them cause to raise what are already the highest property taxes in the country. Thank you for reading. Have a correction or news tip? Email [email protected] Get breaking news alerts on your phone with our app. Download here. Sign up to get Patch emails so you don't miss out on local and statewide news.