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FY2023 Budget Includes $650 Million Increase in K-12 Formula Aid for a Total of $9.9 Billion
BERNARDS TWP. – Governor Phil Murphy today visited Ridge High School in the Bernards Township Public School District to highlight his commitment to New Jersey’s education system. In his historic Fiscal Year 2023 (FY2023) budget, $9.9 billion in K-12 formula aid was appropriated to support public education, a historic investment that increases K-12 formula aid by $650 million. Under the Murphy Administration, the State has increased K-12 formula aid by more than $1.8 billion since 2018, outpacing investments made by any other administration in state history.
“New Jersey is known for its public education system, and these investments further build on my commitment to providing high-quality education to all New Jersey students,” said Governor Murphy. “I look forward to continuing my support of all of our schools and to building a stronger, fairer, and more equitable school system here in New Jersey.”
In addition to the investments made in K-12 formula aid, the FY2023 budget builds on Governor Murphy’s support for key education initiatives including:
“Working together to fund education in New Jersey should always be a priority,” said Senator Jon Bramnick. “The increased State funding helps all of our students and local taxpayers. Let’s continue this bipartisan approach to education.”
“These investments in education are an exciting announcement for the students of Somerset County and the rest of the state. I want to thank Governor Murphy for his commitment to our students and Ridge High School for allowing us to use their facility today to host this announcement,” said Somerset County Commissioner Paul Drake.
“The governor’s work, building partnerships and focusing those partnerships on the needs of our students, has made possible the highest school funding investment in NJ public education ever. In schools, we are always striving to do more for our students, and the resources that this budget provides are imperative to our success,” said Dr. Russell Lazovick, Principal, Ridge High School. “This investment demonstrates confidence in our educators, understanding of what is needed, and an unfailing belief that our students deserve nothing less than everything we can give them. This investment demonstrates a commitment to the partnerships that make up NJ’s public school system, partnerships that have anchored our communities, supported out teachers, and created the strongest learning environments for all of our students.”
