CHATHAM, NJ - The School District of the Chathams will receive $350,000 in additional state aid, it was announced on Monday night by Chatham Superintendent Michael LaSusa at the regular meeting of the Board of Education.

LaSusa noted that the budget deal struck between Gov. Phil Murphy and Senate President Stephen Sweeney put Chatham's state aid at $2.7 million, which represents an increase of $518,000 over last year. Before the budget deal, Chatham was set to receive an increase of $168,000.

Chatham Superintendent Michael LaSusa announces the increase in state aid in video below.

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"We were notified of our state allocation as updated by the budget agreement Gov. Murphy struck with the legislature and we are set to receive $350,000 more than we were initially told," LaSusa said. "The finance committee met tonight to preliminarily discuss how we will use that state aid. We'll probably make a formal decision about it in August or September."

Not only is Chatham receiving an increase this year, the budget deal calls for it to go up each of the next six years. According to LaSusa, the S2 legislation put forth by Sen. Sweeney put Chatham at 58 percent of its full funding this year, according to the state formula which accounts for increases in student population.

"Our state aid would move to 58 percent of full funding (this year) and it would climb every year for the next six years," LaSusa said. "The amount that the district says we should get if the formula was fully funded is $4.6 million and we're currently at $2.7 million, so there is a $2 million gap."