State-Aid Figures Revealed For Moorestown Schools: See How Much The District May Get

MOORESTOWN, NJ — The Moorestown Township School District is slated to receive a $525,691 bump in state aid, according to figures released Thursday by the New Jersey Department of Education.

Gov. Phil Murphy's proposed budget for Fiscal Year 2024, which he introduced Tuesday, includes $10.8 billion in aid for K-12 public schools. Under the proposal, Moorestown schools would receive $5.4 million — a 10.8 percent increase from this year's total of $4.9 million from the state.

The district's budget for the current school year totals around $79 million. Learn more: Technology Upgrades Part Of Moorestown Schools' Adopted 2022-23 Budget

Property taxes in New Jersey are made up of three parts: school, municipal and county. State aid is meant to ameliorate funding gaps at school districts throughout New Jersey.

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.

The state budget isn't final. The State Legislator has several months to make adjustments. Lawmakers must approve a balanced budget for the governor's signature before July 1, when the new fiscal year begins. Read more: Tax Relief, Debt Service, Transit Fare Freeze: 3 NJ Budget Takeaways