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GSCS reports from Trenton today 5:15 p.m - The way the Democrats' proposed budget FY'12 bill (S4000) is presented so far is this: Former Abbottdistricts to recieve approx. $477M per Supreme Court; Below Adequacy Districts get $575M; Above Adequacy districts get 85M (as GSCS had advocated for all districts to receive some additional aid early in the process).
In addition to the above funds, a Millionaires Tax bill (S2969) is also proposed. S2969 is 'tied' to the passage of yet another bill (S2970) that would bring all districts up to full funding per the SFRA. Both the Millionaire's Tax bill S2969 and the 'full funding for all' bill S2970 are tied to one another and neither bill is "operative" unless the other bill is passed.
This means that the $85M for Above Adequacy districts is secured by being in the Demoracts' Budget bill S4000, if passed, and the corresponding Assembly Budget FY'12 bill. These ($85M) funds will not require a Millionaires' Tax bill to be funded. To repeat, it is the additional funds required to "fully fund" all districts beyond the former Abbotts that requires the Millionaires' Tax bill to be passed, as well as S2970 bill which allocates those funds, which total approx. $412.2M.
The Governor has consistently said that he will veto a Millionaires Tax if it passes, thus the observation here is reasonably skeptical of the eventual outcome.
As always our caveat...remember that "this is Trenton" and things can change in a moment...stay tuned...
The $85M figure is arrived at by where a district stands in relation to being fully funded per SFRA.
