An Act concerning the level of allowable school district surplus following the COVID-19 pandemic.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of section 7 of P.L.1996, c.138 (C.18A:7F-7), section 2 of P.L.1979, c.294 (C.18A:22-8.1), or any other section of law to the contrary, due to the financial impacts of COVID-19, a school district, other than a county vocational school district, may maintain for the 2020-2021 and 2021-2022 school years, an undesignated general fund balance of four percent of the budgeted general fund for the prebudget year, and the use or transfer of those funds between line items and program categories shall not require the approval of the Commissioner of Education.
2. This act shall take effect immediately.
Approved March 15, 2021.