Oops!

NJ Spotlight is reporting that there was a little mix-up by the Office of Legislative Services: turns out that the OLS’s original estimate of how much money it would take to fully fund our 31 needy Abbott districts was off by about $52 million. It will take $447 million, not the $500 million originally estimated and, ergo, ordered by the State Supreme Court. From the OLS letter dated yesterday:
Link
We have been reviewing the assumptions and formulaic operations of our simulation. It appears that the original simulation had an error in the part of the formula that calculated the at-risk weights for certain districts. The effect of this error was to overstate the full cost of SFRA for the former Abbott districts in FY2012 by $52 million or 1.2%. As a consequence, it is our belief that complying with the term of the court decision will require the appropriation of $447 million above the level required in the Governor’s Budget Message.

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