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Sweeney: Moody’s Credit Analysis Shows Governor Was Wrong to Veto School Cap Relief Bill

Senate President thanks Assembly Speaker for leadership in pushing measure to help students in districts spending below adequacy

Trenton – Senate President Steve Sweeney issued the following statement in response to the issuance today of the Moody’s Weekly Credit Report on Public Finance, New Jersey Governor’s Veto of Property Tax Bill is Credit Negative for School Districts:

“Moody’s confirmed today what legislative leaders, the New Jersey School Boards Association, and responsible superintendents and school board officials across the state have been saying for weeks.

“It was fiscally irresponsible for the Governor to veto legislation that would have provided the same cap relief to suburban and rural districts that are losing Adjustment Aid, taxing below their Local Fair Share and spending below adequacy — as determined by the Governor’s own Department of Education — that is already provided to the Abbott districts.

“I applaud Assembly Speaker Craig Coughlin and legislative leaders in both houses for standing up for the best interests of schoolchildren in these districts by passing this important legislation last month.”