To all Faculty, Staff and Students:
On Monday, March 2nd, the presidents of all New Jersey public colleges and universities were informed that the State will impose an in-year budget cut. The State provides quarterly payments to cover a portion of the cost of State negotiated salary increases. This year, the State will not pay the third quarter installment and it seems unlikely that the funding will be reinstated for the fourth quarter although that will not be decided until June. In total, Ramapo’s direct cut is likely to be $372,000.
Based on our projections of net revenues, we are positioned to handle this cut through salary savings from vacant lines this year. Next Tuesday, on March 10, the Governor will present his projected budget for fiscal year 2010 which will then enable us to make firm plans culminating in a recommendation to the Board of Trustees.
I will continue to update the campus on our budgetary outlook for next year. And, as I have said before, I truly believe that if we stay the course and share the burden, we will emerge stronger from these tough economic times.
