Toms River school district plans bankruptcy filing amid funding crisis
By: Nyah Marshall | Published: 2025-07-02 16:15:00 | Source: www.nj.com
Facing what it describes as a state-created financial crisis, the Toms River Regional School District says it plans to file for bankruptcy.
The announcement came Monday night after the school board rejected a warning from the state Department of Education that the district must approve a 2025-26 budget or cease all operations.
Toms River Regional has lost a total of $175 million in state aid in recent years due to New Jersey’s revised school funding formula, according to district officials.
To stay afloat, the district has had to lay off 250 staff members, sell buildings, increase class sizes and hike taxes.
State officials told the district it would need to raise taxes again, this time by nearly 13% to balance next year’s budget — a move school leaders said they were unwilling to…
