New Jersey will be best served if it implements a new school funding formula in time for the 2007-2008 state budget, Gov. Jon S. Corzine said in his annual State of the State address on Jan. 9.

Corzine cited five “overarching goals” that should guide the new formula:

• Determine school aid on the basis of what is needed for each child, “one child at a time, to achieve quality educational outcomes.”
  
  
• Distribute aid more broadly across the state to help more communities with the costs of education.
  
  
• Account for economic and demographic differences.
  
  
• Require greater accountability in school spending.
  
  
• Meet constitutional and educational objectives.

New Cap Corzine said he and Senate President Richard J. Codey and Assembly Speaker Joe Roberts are in agreement over broad goals including a cap on property taxes, voluntary consolidation and the sharing of services.

The governor said he supports a 4 percent annual local property tax cap—with limited exceptions and voter override. According to Corzine, such a cap would control future growth in local property taxes which, he said, average 7 percent a year.