Statement Regarding the New Jersey State Budget for Fiscal Year 2005

Richard L. McCormick, President
June 30, 2004

Following three challenging years for the state economy that resulted in reductions in state support, we at Rutgers are pleased that Gov. James E. McGreevey and the State Legislature have provided additional funding for higher education in New Jersey’s fiscal year 2005 budget.

Partial state support for negotiated salary increases and recent enrollment growth are welcome additions to the university’s funding base for the coming fiscal year. We are also very encouraged by the additional dollars allocated toward the development of the Stem Cell Institute of New Jersey, a groundbreaking joint effort of Rutgers and the University of Medicine and Dentistry.

The 2005 budget also increases state support for the Tuition Aid Grant and Educational Opportunity Fund programs, which assist economically disadvantaged students. Merit aid will continue to be available for New Jersey’s top high school graduates through the Outstanding Scholars Recruitment Program.

This state budget represents a step in the right direction for Rutgers and all of New Jersey higher education. As the state’s economy continues to rebound, we look forward to additional public support for our efforts to provide accessible, excellent education programs for all qualified New Jersey residents.