Fiscal Year 2025 Budget Planning Process and Review Recommendations
Dear Members of the NJCU Community,
As we begin our planning of the New Jersey City University Fiscal Year 2025 budget and in the spirit of transparency, I want to share with you the recommendation and key insights regarding the budget planning process which I have made to the Board of Trustees, senior leadership team, and other key stakeholders.
It is crucial that we align our financial strategy with our institution's mission and long-term objectives, while ensuring transparency, accountability, and shared governance.
The FY25 budget must continue the work of our successful short-term implementation of the New Jersey City University Recovery and Revitalization Plan: A Framework for Long-Term Financial Sustainability, Mission Focus, and Student Success by strategically addressing various essential areas, including structural operating deficit reduction, long-term debt defeasance, deferred maintenance, student success/retention investments, resource allocation for mission focus on economic mobility, community engagement, and the enculturation of a lifelong learner commitment. These recommendations will guide us in continuing to align our budget with the university’s mission and long-term sustainability.
I have recommended that our budget planning process focus on the following 10 essential pillars:
- Strategic Alignment
- Stakeholder Engagement
- Data-Driven Decision-Making
- Fiscal Responsibility
- Strategic Investments
- Contingency Planning
- Tuition and Financial Aid
- Infrastructure and Technology
- Performance Metrics
NJCU will always ensure that transparency in our financial reporting is communicated clearly with the university community and external stakeholders. This includes important details about our financial health, the progress in addressing the deficit, and the impact of investments on student success, economic mobility, and community engagement.
While many of these will be reported at our Board of Trustees meetings and at Campus Conversation town halls throughout the academic year, periodic written communications such as this will also offer important information on our progress.
It is paramount that we prioritize alignment with our strategic objectives, engagement with stakeholders, transparency, and data-driven decision-making. NJCU's fiscal health is essential for our continued growth and success. I look forward to working closely with the Board of Trustees and all university stakeholders to create a budget that reflects our shared commitment and fierce protection of NJCU's unique mission and vision.
To read my entire communication to our Board of Trustees and senior team — which includes our eight-step Budget Planning Outline — and to learn more about each of the 10 essential pillars of the budget planning process, please click here to view the full PDF.
Yours in service,
New Jersey City University
New Jersey City University
2039 John F. Kennedy Boulevard | Jersey City, NJ 07305
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