The Jersey City Board of Education will hold a special meeting Wednesday afternoon to determine how to plug a $120 million hole in the 2019/2020 budget.

The nine-member school board that presides over the 30,000-student district will vote on an interim budget for next school year and send it to the county superintendent for approval.

The district is set to lose $27 million in state aid next year, more than what was originally anticipated when the city enacted a payroll tax to help offset the state funding cuts. But the Jersey City Public Schools are also expected to lose about $6.5 million in state funding because an increase in enrollment in local charter schools, Board of Education President Sudhan Thomas said.

He said the “massive” budget shortfall is also due in part to a deficit the board has carried for five years, as well as increases in operating costs.

“All options including revenue increases, operations efficiency, legal, legislative and across the board cost cuts are under consideration,” Thomas said in a statement.

To help the district compensate for the loss in Department of Education aid, state lawmakers passed a bill last year that allowed Jersey City to enact the 1 percent payroll tax on businesses. Real estate developers Mack-Cali and LeFrak are leading an effort to challenge the tax, although a Hudson County Superior Court judge dealt them a defeat last week went he ruled the tax was “valid as a matter of law.” Both sides expect an appeal.

Wednesday’s special board meeting is scheduled for 4 p.m. at School 26 at 164 Laidlaw Ave. Public comment will be heard.

The school board will discuss the interim budget and then vote to send it to the county superintendent. The final budget will be voted on in May.