Higher Education Budget
The FY 2014 budget, with few exceptions, directly funds institutions at the same level as FY 2013. This is approximately the same amount of direct support (in dollars, not adjusted for inflation) that the state colleges and universities received 15 years ago in FY 1998.
Across all of higher education, funding for Tuition Aid Grants for full-time students, the state's cornerstone need-based student aid program, is increased by $16.1 million over the FY 2013 level.
The budget continues to support the cost of employee fringe benefits for state-authorized positions at state colleges and universities.
The anticipated cost during FY 2014 of state-negotiated salary increses for members of bargaining units at the state colleges and universities, $14.6 million, is not covered in the budget.
Highlights of Governor's Proposed FY 2014 Budget for Higher Education
Senior Public Colleges and Universities
Flat funding for direct operating support
1.6% increase for fringe benefits
Thomas Edison State College: increase of $1.73 million for assuming responsibility for lease payments from the state
Rowan University: receiving $2.3 million transferred from UMDNJ
Flat funding for direct operating aid
Reduction of 0.3%, combination of decreased pension costs (ABP and TPAF) and funding from Supplemental Workforce Fund for Basic Skills
Reduction of 4.7% in Chapter 12 debt service (county colleges' facilities bond program)
Independent Colleges and Universities
Increase of $1 million
First payment into Aid to Independent Colleges and Universities fund since FY 2011.
Building Our Future Bond Act and EFA-Issued Bonds
Anticipates issuance of $100 million for the initial round of projects under the Building Our Future bonds, leaving $650 million for subsequent rounds.
Tuition Aid Grants (TAG)
Increase of $16.1 million for full-time students
Increase of $876,000 for part-time students at county colleges
Total funding of $352.397 million for TAG
Educational Opportunity Fund (EOF)
Total funding remains $38.822 million
Decrease of 23.3%, reflecting reductions in forecasted costs from revisions made last year regarding eligibility requirements and scholarship amounts
Governor's Urban Scholarship Program
$1 million, same as last year, for high-achieving students attending high schools in eligible economically disadvantaged areas who choose to attend college in New Jersey