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Governor Chris Christie Fiscal Year 2014 Budget Address Highlights Governor Christie today unveiled a FY 2014 budget that provides $32.9 billion in state spending with no tax increases. The budget includes a record $1.676 billion pension payment and a $40 million Sandy contingency fund for expenses not reimbursed by the Federal government. The budget reflects the Governor’s decision to participate in Medicaid expansion under the Affordable Care Act. Key funding priorities in Education, Higher Education, Health and Human Services include: Education • $87 million increase in state aid funding for schools bringing total state aid to almost $9 billion • $2 million to fund opportunity scholarship grants for needy students • $5 million for an “Education Innovation fund” to implement innovative teaching models in all schools Excerpt from State Budget Fiscal Year 2014 : Budget Summary
Delivering on the Promise of a Quality Education for Every Child in N.J.
Governor Christie’s Budget Funds Education At Record Level With An Increase To Nearly $9 Billion
HISTORIC SUPPORT FOR NEW JERSEY SCHOOLS Nearly One Billion Dollars in Education Funding Increases Over Three Years
Governor Christie's fiscal year 2014 budget represents a commitment to provide both the resources and reforms to deliver opportunity to every New Jersey child regardless of zip code. The budget proposes distributing approximately $9 billion in state aid to schools, $97.3 million more than distributed in fiscal year 2013, allowing for the continued implementation of a bold reform agenda to extend the promise of a quality education to every child in New Jersey.
Governor Christie is also providing the resources necessary to make the required payment on behalf of teachers towards their pensions. The State’s obligation to fund the health benefits of retired teachers and the social security costs of districts is also being met. Combined, these payments total close to $2.9 billion.
In total, the budget recommends spending $12.4 billion, or $670.6 million more than in fiscal year 2013 and nearly $1 billion more since fiscal year 2011, representing the largest appropriation of State education aid in New Jersey history.
• In fiscal year 2014, all districts will receive an increase in aid or maintain flat funding.
• A new category of aid for Under Adequacy Districts will benefit 131 districts that are at least 10% below adequacy.
• $4.14 million is provided to the districts that received Supplemental Enrollment Growth Aid (SEGA) funding in fiscal year 2013.
• A new geographic cost adjustment (GCA) will be used, smoothing artificial differences between counties.
• $49.1 million will be distributed to school districts accepted into the Interdistrict Public School Choice Program. There are 107 approved choice districts, up from 70 last year.
• Charter School aid supports hold harmless aid to charter schools and students coming from a nonpublic school. $16 million is recommended in fiscal year 2014, an increase of approximately $3 million from fiscal year 2013.
• The thresholds for the amounts reimbursed by the State for high-cost special needs students will be increased by $5,000 in order to ensure that the school districts serving those students with the highest cost services receive the highest reimbursement.
• $83.5 million is recommended for Nonpublic School Aid, $1 million more than provided in fiscal
year 2013.
