Public school funding would stay flat despite higher coronavirus costs under Murphy budget

While the 2020-21 school year will be an unprecedented one, the state will spend the same amount on K-12 schools as it did in 2019-20 school year, under Gov. Phil Murphy’s revised state budget proposal.

The $335 million spending increase for schools that was originally proposed during the budget address in February has been scrapped, the governor said Tuesday during his budget address at SHI Stadium at Rutgers University in Piscataway.

Under the reworked budget, school aid remains flat at $8.7 billion while continuing the phase-in of the updated school funding formula, the governor said.

The formula funding is part of Murphy’s $32.4 billion budget for the nine months beginning Oct. 1, including $4 billion in borrowing and $1 billion in new taxes.

In May, Murphy informed districts of the plan to slash the extra hundreds of millions in aid as the financial fallout of the coronavirus pandemic — including

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Gold is flat as positive U.S. jobs data boosts dollar

An employee arranges gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand.

Dario Pignatelli | Bloomberg | Getty Images

Gold was flat on Friday, reversing course as better-than-expected U.S. employment data bolstered the dollar, putting bullion on course for a weekly decline of more than 2%.

Spot gold erased early and traded flat at $1,930.11 per ounce. U.S. gold futures settled $3.50 lower at $1,934.30.

“Gold’s correlation with the dollar has been elevated, especially over the past couple of weeks and bullion is being weighed down by the bounce in the greenback following the solid report, especially the unemployment rate,” said Tai Wong, head of base and precious metals derivatives trading at BMO.

The dollar index was up 0.5%, putting it on track for its best week since early April and making the metal expensive for holders of other currencies. Data showed nonfarm payrolls increased

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