Office of Public Relations

Pomona, NJ 08240

 

Stockton College to Adopt 2007 Fiscal Year Budget Resolution

 

Spending Plan Successfully Addresses State Financial Concerns

Without Cuts to Programs, Faculty or Staff

 

For Immediate Release

Thursday, September 14, 2006

Contact: Tim Kelly

Stockton Public Relations

(609) 652-4950

 

GALLOWAY TWP., NJ The Richard Stockton College of New Jersey is expected to pass a resolution at todays Board of Trustees session to adopt its institutional budget for the Fiscal Year 2007.

 

The resolution formalizes steps the College has taken to address a significant reduction in state financial assistance, without cuts to existing programs, faculty or staff, and continues Stocktons tradition of delivering a high quality education that is accessible and affordable.

 

The Board, its Finance Committee, Stockton Faculty, Staff and the Administration have worked very hard together--over the last months to craft a budget resolution that is responsible to the taxpayers, and our students and families, said President Herman J. Saatkamp, Jr., It hasnt been an easy process given the unprecedented nature of the cuts. However, we have achieved a budget resolution through our united efforts.

 

The State this year reduced its funding to the College by 18 percent, leaving Stockton with a $5 million shortfall in its financial planning. Dr. Saatkamp said the institution was able to implement new cost-savings strategies and increased operating efficiencies to accompany efforts to secure outside funding.

 

Stockton is one of the few institutions in the State College sector to avoid cutting programs, faculty or staff, Dr. Saatkamp said. this is a remarkable accomplishment, particularly in light of the state-mandated eight percent cap on tuition increases.

 

In addition to finding solutions to address the financial issues facing the state Colleges, Stockton lessened the burden of the tuition increase on its students by making an immediate 15 percent increase in scholarship dollars to students.

 

Our priority from the outset of this process was to maintain the integrity and value of a Stockton education, Dr. Saatkamp added. In order to achieve this, faculty lines were held harmless and every effort was made to not only avoid cuts to existing programs, but to continue funding new ones.

 

The budget resolution reflects the following highlights:

 

         A balanced budget was achieved with total revenues of $92 million, $92,207,412.00 matching expenses.

         The bulk of operating revenue comes from tuition and per credit fees (44 percent) with the state appropriation accounting for 33 percent. Remaining revenue streams include 11 percent from Housing fees, seven percent College Center and Sports Center income, four percent miscellaneous revenues and one percent from the Recreation Program.

         The expense side breaks down with 44 percent going toward Academic Affairs, 17.8 percent to Plant Management, 11.9 percent Student Affairs, 11.4 percent general institutional expenses, 2.9 percent student aid, 2.5 percent Presidents Office, 1.2 percent Institutional Advancement and 0.2 percent Southern Regional Institute.

 

The adoption of the budget resolution by the Board of Trustees reflects the Colleges continuing commitment to ensure fiscal stability and responsibility, a policy that is in alignment with Gov. Corzines fiscal initiatives throughout the state.

 

The coming years will require further difficult decisions and measures to ensure Stocktons continued excellence, access and affordability, Dr. Saatkamp said. Todays adoption of this budget is an important step in that direction.

 

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