GOVERNOR’S BUDGET ADDRESS OFFERS STATUS QUO TO HIGHER EDUCATION
With the state facing an estimated deficit of approximately $4 billion, Codey called for the suspension of the NJ SAVER tax rebate program, a slight cut in municipal aid, and a marginal increase in local school funding during his speech.TCNJ President R. Barbara Gitenstein noted that, while disappointing, the absence of a significant investment in higher education was not surprising. “New Jersey is losing talented students to other states, and that weakens the economy of our entire region,” Gitenstein explained.“We need to provide more opportunities and continuously improve our programs and facilities if we are to adequately serve state residents. Given New Jersey’s current financial picture, however, I understand that increased state support is not available right now.” "New Jersey is losing talented
students to other states, and that
weakens the economy of our entire
region." One positive to come out of Codey’s address was a suggested increase of $11.1 million in student financial assistance programs. “New Jersey’s higher education system is a vital resource, and while revenues do not allow us increase operational funding at this time, we are pleased to maintain our current investment in most institutions while increasing support for student aid programs,” State Treasurer John McCormac explained. The governor’s proposed fiscal 2006 budget will be debated and amended by the state Legislature throughout the spring, with the final version slated to be adopted sometime prior to July 1, 2005. Return to TCNJ update Home |