Robert A. Altenkirch, President
July 9, 2003
FY '04 Budget
For NJIT, the state funding is $48.8 million, which is about $3.8 million less than the year just ended, or about $3 million more than the initial executive recommendation. The budget further includes language that limits tuition increases to 9%. We are reviewing the details of the working budget to determine the exact increase we will be recommending to the Trustees. The Board is expected to act on the FY 04 budget, including the schedule of tuition and fees, at its July 24 meeting.
The FY 04 state budget also included several items that are of importance to NJIT. These include:
* Increased funding for the Tuition Aid Grants, which will fund the FY 01 to FY 02 tuition increases for the most needy students, while NJIT will fund the FY 02 to FY 03 tuition increases for these students
* Increased funding for the Outstanding Scholars Recruitment Program, which will provide state support for the fall 03 eligible students
* Restoration of $8 million for the NJ Commission on Science and Technology that includes $1 million for the NJ Manufacturing Extension Program and $6.5 million for other grants.
Although developing the final budget was an arduous process, we are pleased that higher education was recognized as a critical state priority as demonstrated by the increased funding. We should express our sincere appreciation to the legislature and the Governor for their efforts.
Additionally, as a result of the early preliminary work we completed on setting up the budget, e.g., moving to the four day work week in the summer, adjusting accrued vacation payout, examining various tuition increase scenarios, and other revenue enhancements or expenditure reductions, we can anticipate a pool of funds in excess of $2 million that will allow for investment in NJIT priorities in FY 04.