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Joint Higher Education Committee Meets to Review New Jersey City University’s Fiscal & Governance Monitoring Report and Accountability Plan

TRENTON – The Senate and Assembly Higher Education Committees will meet for a joint hearing on Monday to receive testimony from invited guests on the findings of New Jersey City University’s Fiscal & Governance Monitoring Report and Accountability Plan, said Senator Joseph Cryan and Assemblywoman Linda Carter, the chairs of the committees.

The university accumulated a structural deficit of $22 million in May 2022, prompting the institution to declare a fiscal emergency. These conditions began prior to the pandemic, but were later exacerbated by it. The report found that by 2024, the university amassed $287.1 million in debt, mostly due to its long-term campus leases. However, the institution has made improvements thus far, lowering their total debt and deficit enough to warrant an upgrade from Moody’s.

The committee will hear from Secretary of Higher Education Brian Bridges, Andrés Acebo, Interim President of NJCU, and Henry Amoroso, the state-appointed fiscal monitor who issued the report. The intent of the hearing is to hear the status of benchmarks related to NJCU’s fiscal stability and recommendations about future steps needed to best serve the university’s students.

“NJCU is the only four-year university in Hudson County, where it plays an important role in offering an affordable college education to its student body,” said Senator Cryan (D-Union). “Like other institutions of higher education in New Jersey, the school’s financial health is important for its students, their families, and the taxpayers. While the school has made real progress in addressing its financial problems, I want this hearing to help the Legislature and others to determine a path forward in a financially-responsible way.”

“The past few years have brought unprecedented challenges that NJCU has experienced. Now, the focus is on supporting its prosperity and ensuring it continues shaping the promising futures for numerous Hudson County and New Jersey students,” said Assemblywoman Carter (D-Somerset, Union). “NJCU has been a beacon of hope and opportunity for many individuals, providing them with the tools and resources to succeed as evidenced by the many achievements of their countless alumni.”

The Joint Higher Education Committee will meet on Monday, June 10, at 10:00 a.m. in Committee Room 11, State House Annex, Trenton.

The hearing will be available via the OLS website (https://www.njleg.state.nj.us/live-proceedings).

The following bills will also be considered by the Senate Higher Education Committee:

S1200 Beach

S1235 Beach

S2149 Cryan

Allows a gross income tax deduction for certain higher education tuition and fee expenses.

Allows a gross income tax deduction for certain higher education tuition and fee expenses.

Revises training requirements for governing board members of public institutions of higher education.