The Board of Trustees at its meeting on July 20 set the FY07 Tuition and Fee Schedule and adopted a proposed budget, detailed summaries of which can be found at http://www.njit.edu/publicinfo/budget_updates_FY07.php. A press release covering the FY07 Budget is posted on the NJIT Newsroom at http://www.njit.edu/publicinfo/newsroom/. As mentioned in the July 10 State Budget Update message, once the State budget was finalized with some restoration of funds for higher education, we made every effort to finalize a proposed budget for Board consideration that minimized the use of one-time funds to balance the recurring budget and at the same time minimized an increase in tuition and fees to the extent practical.

The adopted FY07 Budget includes:

    * a 7% tuition increase for full-time, in-state, undergraduate and graduate students, below the 8% tuition increase cap imposed by the Legislature

    * an 8% tuition and fee increase for full-time, out-of-state, undergraduate and graduate students

    * an approximate 7% increase in fees

    * a 14% increase in budgeted student awards

    * 4.5% of the recurring budget built on recurring expenditure reductions

    * only 1.7% of the recurring budget built on non-recurring funds

    * 1.6% of the budget allocated to capital and maintenance projects

The budget process this year has been a rather lengthy, and challenging, effort. While the adopted budget is “lean,” we have not reduced operating funds to academic departments, continue to invest in Strategic Plan priorities, and have allocated a modest amount of funds for needed physical plant repair and maintenance.

Many individuals were involved in the budget process, including the on-campus Budget Task Force, which will continue to meet throughout the year in order to address some proposed budgetary approaches for FY08 and beyond, the Ad Hoc Budget Task Force of the Board of Trustees, and the Senior Staff, each of whom deserve a well-earned thank you for their efforts.

Thanks,

Bob

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