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NJ School District Issues Debt After Cyberattack Steals $4.8 Million

April 30, 2026
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Insurance Journal
NJ School District Issues Debt After Cyberattack Steals $4.8 Million

Story Summary

Spotswood, New Jersey, plans to issue short-term debt in May to cover a $3.2 million shortfall caused by a cyberattack that stole $4.8 million in taxpayer funds last year. Although $1.7 million has been recovered, the district faces a projected deficit for fiscal 2026, leading S&P Global Ratings to downgrade its outlook from stable to negative. Officials state the immediate debt will not impact this year's budget, though estimated tax increases of $157 per home are expected when the notes mature in 2027.

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