School District To Receive 38 Percent Increase In State Aid For FY 2024

The Franklin Township school district is targeted to receive more than $21 million in state aid for its K-12 program in Fiscal Year 2024, a nearly 38 percent increase in the amount it received for Fiscal Year 2023, according to figures recently released by the state Department of Education.

The district is also slated to receive more than $9 million in preschool aid, about a $1.3 million increase over last year’s aid, according to the figures.

The percentage increase in state aid is the 8th highest in the state, according to a published report in nj.com.

The breakdown in the FY 2024 state aid is $6,147,194 in equalization aid, $3,372,682 in transportation aid, $9,217,005 in special education aid, and $2,769,263 in security aid, according to the figures.

The $5.9 million state aid increase Franklin is slated to receive is the second-largest increase in Somerset County; North Plainfield is in line for a $12.2 million increase.

Schools Superintendent John Ravally said in a written statement that “the additional state aid is timely and will go a long way to meet next year’s budget challenges which include steep increases in health care costs and transportation cost increases as well.”

Ravally said the Board of Education will hold an Open Finance Committee Meeting at the community center of the Board Administrative Campus from 6-7 pm March 9, during which time the Board’s Finance Committee will discuss the FY 24 school budget. 

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