This study examined budgets for public school districts in New Jersey, changes in state aid allocation for schools following the implementation of New Jersey Senate Bill S-2 (S-2), and student academic performance based on standardized assessments. This study examined changes in student academic performance due to the implementation of S-2. This study focused on four school districts, two K-12 school districts that experienced a reduction in state funding, and two K-12 school districts that experienced an increase in state funding due to the implementation of S-2. This study implemented a causal-comparative research approach to examine differences in student achievement and budget data among the selected four school districts. The student academic performance data was retrieved from the New Jersey Department of Education's website and included the percentage of students in the four districts who were proficient in English language arts and mathematics on the New Jersey Student Learning Assessment (NJSLA) from the 2018-2019 school year compared to the same academic performance data for students as measured by the Partnership for Assessment of Readiness for College and Careers (PARCC) assessments from the 2016-2017 and 2017-2018 school years. The study compared district spending for the same 3 years to determine what changes in spending on instruction and professional development occurred after S-2. Study results indicated that there was no measurable impact on student academic performance among students in these four districts after the implementation of S-2. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]