New Jersey

Abstract

This article is a brief summary and update of the public school funding in the state of New Jersey for FY2023. The state of New Jersey’s per pupil expenditure rate is among the highest in the nation. The public education funding formula is a complex, student-based design that has ever been fully funded by the legislature. The New Jersey legislature passed the largest state budget in history during the 2021 session at $46.4 billion. The education budget is approximately 20% of the entire state budget. New Jersey public schools will receive $9.9 billion, an increase of $650 million in funding. Since 2018, the Murphy administration has increased K-12 formula aid by more than $1.8 billion. Charter schools are the main alternative to traditional public schooling in New Jersey. As of June 2021, there are 91 charter schools and approximately 57,453 students enrolled in these programs within the state. The major issues impacting P-12 include underfunded pension plans, equity of school funding, and special education funding. The legislature approved the governor’s recommended addition of $649.8 million in K-12 formula aid. This increase puts New Jersey on track to fully fund the formula by 2025.