Gov. Phil Murphy recently followed through on his pledge in January to sign S3406 once it crossed his desk.
The legislation requires public institutions of higher education in New Jersey to submit an annual fiscal monitoring report, and it authorizes the secretary of higher education to appoint a state monitor of these institutions.
“Promoting fiscal accountability among our public institutions of higher education will not only benefit students and employees, but will also help the schools themselves avoid financial crises that could put their entire operation at risk,” Murphy said in a press release issued July 24. “This legislation will help ensure greater stability and transparency at public colleges and universities throughout our state so that these institutions can continue to provide New Jersey students with the high-quality education they deserve.”
“We have a responsibility to be good stewards of the significant investment students, their families and the state makes into higher education,” added Secretary of Higher Education Dr. Brian K. Bridges. “That begins with financial transparency and the stronger accountability model this law now provides.”