Sponsored by:
Senator PETER J. BARNES, III
District 18 (Middlesex)
Senator STEVEN V. OROHO
District 24 (Morris, Sussex and Warren)
SYNOPSIS
Requires State Auditor to report on finances of public institutions of higher education.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring the State Auditor to report on the finances of public institutions of higher education.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The State Auditor is hereby directed to conduct a study of the finances of each public institution of higher education and to report on the study results within 18 months of the effective date of this act, P.L. , c. (pending before the Legislature as this bill). For each public institution of higher education, the study shall include, but may not be limited to, an examination and breakdown of the institution's finances, debt, assets, income, and expenditures, and an assessment of the factors that affect each of these financial categories. Upon completing the study, the State Auditor shall submit the report to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature, within 18 months of the effective date of this act.
The institutions of higher education to be studied shall be Rutgers, the State University; Rowan University; the New Jersey Institution of Technology; the State colleges or universities established pursuant to chapter 64 of Title 18A of the New Jersey Statutes; and county colleges.
2. This act shall take effect immediately, and shall expire upon the submission of the State Auditor's report.
STATEMENT
This bill requires the State Auditor to conduct a study of the finances of each public institution of higher education, and to report on the study results within 18 months of the effective date of the bill. The public institutions of higher education to be studied include Rutgers, The State University; Rowan University; the State colleges or universities established pursuant to chapter 64 of Title 18A of the New Jersey Statutes; the New Jersey Institute of Technology and county colleges. For each public institution of higher education, the study would include, but may not be limited to, an examination and breakdown of the institution's finances, debt, assets, income, and expenditures, and an assessment of the factors driving each of these financial categories. The State Auditor is directed to submit the report to the Governor and the Legislature within 18 months of the effective date of the bill.