Jersey City Board of Education Financial Data

Four panels covering state aid, reserve balances, audit findings, and how the school budget is funded.

Every number comes from an official document. Sources are listed in each panel.

Jersey City Board of Education Financial Dashboard | JC Receipts

Panel 1 of 4 · Revenue

State Aid and Local Tax Levy

New Jersey state aid to Jersey City Public Schools fell from $472 million in FY2022 to $103 million in FY2024. Over the same period, the local property tax levy increased. Both figures are shown below by year.

State Aid FY2022

$472M

Highest amount in the documented record. Includes federal COVID-era funds that were one-time only.

State Aid FY2024

$103M

Down $369 million from the FY2022 high. Reflects the end of COVID-era funding and the NJ state funding formula phase-down.

Change FY2022 to FY2024

-78%

FY2023 saw a 48% drop. FY2024 saw a further 58% drop. Source: FY2023 and FY2024 ACFR MD&A.

Local Tax Levy FY2026 (Budgeted)

$534M

Up from approximately $369 million in FY2022. Residents fund 54% of the total budget. Source: FY2025-26 Adopted Budget.

State Aid vs. Local Tax Levy, FY2019 to FY2026

Dollar amounts in millions. FY2026 is the adopted budget, not yet audited.

State Aid

Local Tax Levy

Why State Aid Fell

New Jersey's school funding law (P.L.2018, c.67) gradually reduced "adjustment aid" to districts that had been receiving more than the formula called for, including Jersey City. At the same time, one-time federal COVID relief funds and state maintenance-of-equity payments expired. Together, these changes reduced state aid by approximately $90 million between FY2022 and FY2023 alone. Source: FY2023 ACFR MD&A.

How the Budget Gap Was Covered

The local property tax levy increased from approximately $369 million in FY2022 to $534 million budgeted in FY2026, a $165 million increase over four years. The remaining gap was covered by spending down reserve funds. See Panel 2 for the reserve balance history.

FY2026 State Aid Projection

The FY2025-26 adopted budget projects state aid of $132.6 million, up from $103 million in FY2024. This is a budgeted projection and has not been audited. It remains 72% below the FY2022 amount.

Sources: FY2024 ACFR (2390 (2).pdf) MD&A · FY2023 ACFR (2390 (1).pdf) MD&A · FY2022 ACFR (2390 (6).pdf) MD&A · FY2019 to FY2021 ACFRs · FY2025-26 User Friendly Budget.
Note: State aid figures for FY2019 to FY2022 are as reported in ACFR MD&A sections and are approximate. FY2026 figures are budgeted projections only.

Panel 2 of 4 · Fiscal Health

General Fund Reserve Balance

The General Fund unassigned balance is the amount of money left over after all obligations are accounted for. It went from $110.8 million in FY2021 to negative $1.3 million in FY2024. The FY2026 budget plans to use $148.8 million in reserves to cover operating costs.

Reserve Balance FY2021

$110.8M

Built up in part from federal COVID-era relief funding. Source: FY2021 ACFR.

Reserve Balance FY2024

-$1.3M

The General Fund unassigned balance turned negative in FY2024 for the first time in the documented record. Source: FY2024 ACFR.

FY2026 Reserve Use (Budgeted)

$148.8M

The FY2026 adopted budget uses $148.8 million in fund balance to cover operating expenses. This is 15.1% of the total budget. Source: FY2025-26 User Friendly Budget.

Statutory Surplus FY2024

$201.4M

This is a separate NJ statutory calculation that includes funds designated for specific purposes. It is not the same as the General Fund unassigned balance. Source: FY2024 Management Report, p.18.

General Fund Unassigned Balance, FY2019 to FY2024

Bars above zero = surplus · Below zero = deficit · Amounts in millions

Surplus

Deficit

FY2026 Planned Drawdown (from total reserves)

FY2024 Balance Change

From FY2023 to FY2024, the General Fund unassigned balance fell from positive $82 million to negative $1.3 million, a change of $83.3 million in one year. Total revenues fell by $114.4 million, primarily due to the reduction in state aid. Source: FY2024 ACFR MD&A.

What "Fund Balance Applied" Means

The FY2026 adopted budget includes a line item called "Fund Balance Applied: $148.8M." This means the District plans to cover part of its operating costs by spending down existing reserves rather than from ongoing revenue. It represents 15.1% of the total FY2026 budget. Source: FY2025-26 User Friendly Budget.

Long-Term Liabilities

Long-term liabilities increased by $68.1 million in FY2024 to a total of $252 million, primarily from pension obligations. Long-term liabilities are separate from the annual operating balance and represent future payment obligations. Source: FY2024 ACFR MD&A.

Sources: FY2019 to FY2024 ACFRs Government-Wide Financial Statements and MD&A · FY2024 Management Report (2390 (3).pdf), Excess Surplus Calculation pp. 18 to 20 · FY2025-26 User Friendly Budget.

Panel 3 of 4 · Audit Findings

Auditor's Management Report Findings, FY2019 to FY2024

Each year, an independent auditor reviews the District's financial operations and issues a Management Report listing any problems found. These are called "findings." A finding listed as a repeat means it was also cited in a prior year's report. Click any year to read the findings.

Total Findings, FY2019 to FY2024

70

Across all six fiscal years reviewed. The FY2022 report had 23 findings, up from 6 in FY2021.

Repeat Findings in FY2024

10 of 19

10 of the 19 findings in the FY2024 report had also been cited in at least one prior year's report.

Payroll Verification Last Done

2019

The FY2024 auditor found that required payroll check distribution verification had not been completed since 2019. Source: FY2024 Management Report, Finding 2024-4.

Contract Without Required Notice

$122M

A $122 million energy contract with DCO Energy was awarded without the required pre-bid notification to the State Comptroller. Source: FY2024 Management Report, Finding 2024-15.

Number of Audit Findings by Year

Click a bar or year to read the findings. Darker color = more findings that year.

Repeat finding (also cited in a prior year)

New finding

Sources: JCBOE Auditor's Management Reports on Administrative Findings, FY2019 to FY2024 (2390 series). Auditors: Donohue, Gironda, Doria and Tomkins LLC (FY2019 to FY2022); Lerch, Vinci and Bliss LLP (FY2023 to FY2024).

Panel 4 of 4 · Budget

How the School Budget Is Funded

The FY2025-26 adopted budget totals approximately $1.03 billion. Enter your estimated annual school tax to see how your payment compares to each budget category. All figures are from the adopted budget and have not yet been audited.

Total Budget FY2026

$1.03B

All funds including federal grants. Operating budget: $898.9 million. Source: FY2025-26 User Friendly Budget.

Local Property Tax Levy

54.2%

$534.5 million. The largest single source of funding in the FY2026 budget.

Charter School Transfer

~17%

Approximately $174.6 million is transferred to 23 charter schools for approximately 6,800 students. This transfer is required by state law.

Cost Per Student FY2026

$28,117

Based on 32,340 enrolled students in District-operated schools. Source: FY2025-26 User Friendly Budget.

School Tax Breakdown Calculator

Based on FY2025-26 Adopted Budget proportions. All figures are approximate.

Your estimated annual school tax

Find this on your Jersey City property tax bill under "School"

Calculator uses FY2025-26 budget proportions: Instruction 18% · Employee Benefits 17% · Charter Transfer 17% · Admin and Operations 9% · Special Education 9.6% · Debt Service 4% · Fund Balance Applied 15.1% · Other 11%. Figures are approximations based on published budget percentages. Source: FY2025-26 User Friendly Budget.

What "Fund Balance Applied" Means in the Budget

The FY2026 budget includes $148.8 million listed as "Fund Balance Applied." This is money from existing reserves being used to cover operating costs rather than from ongoing revenue. It represents 15.1% of the total budget. Source: FY2025-26 User Friendly Budget.

Charter School Transfer

Approximately $174.6 million, about 17% of the total budget, is transferred to 23 charter schools serving approximately 6,800 students. The amount is determined by state law based on the number of students enrolled in charter schools. Source: FY2024-25 budget presentation.

Municipal Payroll Tax

Jersey City's payroll tax contributes $81 million (8.2%) to the FY2026 school budget. The payroll tax is a local revenue source separate from property taxes. Source: FY2025-26 User Friendly Budget.

FY2026 Budget by Funding Source

Total budget $1.027 billion. Adopted budget figures. Not yet audited.

Sources: FY2025-26 User Friendly Budget (UserFriendlyBudget2025-26-5-1-2025.pdf) · FY2024 ACFR (2390 (2).pdf) · All FY2026 figures are adopted budget projections, not audited actuals.

DISCLAIMERS

Everything in this dashboard comes from official JCBOE documents — ACFRs, auditor's management reports, and adopted budgets. We didn't make up numbers or fill in gaps. Where a document says something, we reported it. Where it doesn't, we said so.
FY2026 figures are from the adopted budget and have not been independently audited. The tax calculator is an approximation based on budget proportions — your actual bill may differ.
This is an independent public resource. It is not affiliated with or endorsed by the Jersey City Board of Education or any government agency. If you find an error, tell us.
SOURCES: All financial data is derived from publicly available official records of the Jersey City Board of Education, including Annual Comprehensive Financial Reports (FY2019–FY2024), Auditor's Management Reports on Administrative Findings (FY2019–FY2024), and the FY2025-26 Adopted Budget. Source citations are provided for each data point.
LIMITATIONS: FY2026 budget figures are adopted projections and are not audited actuals. Historical figures (FY2019–FY2021) for certain line items are approximate as reported in ACFR Management Discussion & Analysis sections. The tax breakdown calculator uses published budget proportions for illustrative purposes only and does not constitute financial, tax, or legal advice.
AFFILIATION: This resource is produced independently by JC Receipts and is not affiliated with, produced by, or endorsed by the Jersey City Board of Education, the City of Jersey City, or the State of New Jersey. Corrections and document submissions: jerseycityreceipts.com