Treasurer: Expect Flat Funding in 2011

New Jersey Treasurer Andrew Sidamon-Eristoff recently told a Senate Budget Committee that the state’s schools should expect the same level of funding in next year’s budget that they received this year – and not higher levels. The budget for the fiscal year that began July 1, 2010 included cuts of approximately $824 million to public education from the previous year’s funding level.

Sidamon-Eristoff also noted in his remarks to the committee on July 28 that the state expects to make a payment of $512 million to its pension funds for teachers and government workers in fiscal 2012, its first payment to the pension fund in four years. However, according to subsequent news reports, Gov. Chris Christie said at a press conference that the state would make the payment “if the state is in the position to make that contribution.”

The state Office of Legislative Services has projected that New Jersey may face a deficit of $10.5 billion next year if all programs are fully funded and the state makes the OLS-recommended pension payment of $3.5 billion.

Copyright © 2010 New Jersey School Boards Association. All rights reserved.