Madison Schools Set For State Aid Increase For 2023-24

MADISON, NJ — The Madison Public School District is set to receive an increase of nearly $500,000 in state funding under aid figures for the 2023-24 school year announced by the New Jersey Department of Education on Thursday.

Madison schools received $2,654,689 in the 2022-23 school year, and are slated to receive $3,082,108 for 2023-24, an increase of $427,419 or 16.10 percent.

The Madison Public School District is one of more than 270 districts that are set to benefit from the 2024 fiscal year budget.

Gov. Phil Murphy touted a $1 billion increase in overall school funding in his budget address on Tuesday, with much of that money directed at what Murphy said are underfunded school districts.

Read more: NJ School Aid 2023: Who's Getting More, Who's Getting Less

Since the 2020-21 school year, the state has determined its annual distribution of education aid through S2, a contentious funding formula passed during Murphy's first year in office in 2018.

The governor has defended S2, claiming that the funding formula needed to be changed in order to address inequities within the state. However, critics have pointed to losses in state aid among many school districts, resulting in cuts while other districts receive increases.

State Republicans unveiled their own plan to fully fund schools, which they also say will lower property taxes around the state, last week. This plan uses the state’s $6.5 billion surplus and requires local governments to lower property taxes dollar for dollar, GOP legislators said. Read more about that proposal here.

The aid is an influential factor in a school district's share of property taxes. Many districts say that cuts, or even flat spending, force them to raise taxes for local homeowners.

While Murphy's budget is merely a proposal, the state-aid figures provide school districts with a roadmap for developing their 2023-24 school year budgets.

Seeing the biggest increases are Newark ($114 million, or an 11 percent increase), Elizabeth ($46.2 million, or a 9.5 percent increase), and Paterson ($34 million, or a 6.9 percent increase).

Losing the most are Jersey City ($51 million, or 27.65 percent), Toms River Regional ($14 million, or 31.77 percent), and Asbury Park City ($8.5 million, or 29.32 percent).