• KYW News 4:30-7am
    04:00 AM - 07:00 AM
By David Madden

TRENTON, NJ (CBS) — There’s a deal in the New Jersey legislature on a short term fix to the state’s ongoing school funding problem.

Assembly and senate leaders have announced a $146 million deal that partially shifts money from districts that have been getting more than called for under the school funding formula to those in growing districts in need of that money.

That’s step one, in the eyes of State Senate President Steve Sweeney. Step two comes in January of next year.

“The day that the new governor is sworn in, we will put up a millionaire’s tax,” Sweeney told reporters in Trenton. “It will generate a minimum $600 million.”

That, paired with aid adjustments, should bring all districts to at least 70% state funding within a couple years. As for this year, Sweeney concedes he’s got to get this agreement past Gov. Chris Christie.

“I’m not just going to give him a budget blindly and not know what’s going to come out of it,” Sweeney added. “We do not have any commitment from the governor, so we’ll see where it goes but first things first.”

They’ve got to the end of the month to work something out short term.

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