Recent financial problems at some of New Jersey’s public colleges and universities have prompted calls for more accountability. Gov. Phil Murphy and members of the Legislature Thursday proposed more fiscal transparency through a series of bills. They also cited incidents of irresponsible spending at schools like Rutgers University and recent fiscal mismanagement at New Jersey City University as reasons behind the legislation.
If passed, the new laws would require public colleges to provide an annual fiscal report and undergo a full audit every three years. Those reports would be published online for the public. The Secretary of Higher Education would be given authority to appoint a state monitor if reports and audits showed fiscal instability.
The legislation also requires better training in financial management for board members and trustees. New Jersey’s public higher education institutions have billions of dollars in debt.
