To: NJIT Faculty, Staff and Students
From: Robert A. Altenkirch
Date: Monday, February 15, 2010
Subject: FY2010 Budget Update
Knowing State revenues were lagging projections and anticipating the likelihood of reductions in State support, we developed contingency plans to address a possible one-time FY2010 budget reduction, including delaying capital projects, holding selected unfilled positions vacant, monitoring spending rates, and use of the budgeted reserve.
As details of the various components of our plan to address the FY2010 budget reduction are identified and refined, we will continue to keep the University community apprised. While we are able to address this year’s reduction with limited impact, current projections are that the State budget shortfall for FY2011 is much greater and will approach more than $11 billion out of a projected $33.8 billion State budget.
Obviously we can anticipate that the State will need to make some very difficult choices for next year and for a few years to come, and the Senior Public Colleges and Universities including NJIT can anticipate being affected. We have successfully worked our way through difficult challenges in the past, continuing to make progress in the face of such challenges, and will do so with the current challenges before us. During the spring we will need to work together as financial plans are developed for FY2011 and beyond. The Governor’s Budget Address in March should provide us some baseline information from which to work.
We will keep you posted as new budgetary information becomes available.