Stockton board approves $294 million operating budget

The Stockton University Board of Trustees approved the 2024-25 operating budget at a meeting July 17.

The board approved the capital budget and a $294.7 million 2024-25 operating budget. The budget reflects the university’s commitment to institutional aid with $28 million available in merit and need-based aid to students, an increase of 39%— or $7.8 million—over the previous year.

Stockton will receive a record $45.109 million in state aid from the fiscal year 2025 budget approved by the New Jersey Legislature and signed by Gov. Phil Murphy last month. The funding is a 7% increase from 2024’s $42.179 million and is critical to facing significant inflationary cost increases the university has experienced.

“Paramount was the preservation of the $4.612 million for the Atlantic City campus and, with the help of Sen. Vince Polistina, that funding was included in the governor’s budget,” President Joe Bertolino said. “I would like to express our sincere appreciation to Sen. Polistina, Assemblywoman Claire Swift, and Assemblyman Don Guardian for voting in support of the FY25 State Budget containing Stockton’s appropriation.

“We applaud Gov. Murphy and legislative leadership, including Senate President Nick Scutari, Assembly Speaker Craig Coughlin, Senate Majority Leader Theresa Ruiz and Assembly Majority Leader Louis Greenwald, for including vital funding for higher education in the final FY25 budget,” Bertolino said. “This additional funding allows Stockton to continue its work of building opportunities for students who will power New Jersey’s workforce and economy into the future.”

Stockton’s new budget also sets tuition and fees for the 2024-25 academic year at $8,133 per semester for in-state, full-time students. The university’s flat-rate tuition plan allows full-time students to take up to 20 credits per semester at no additional cost, potentially saving thousands of dollars.

The Board of Trustees also welcomed two new members:

Dr. Mukesh Roy of Mays Landing is the Director for Emergency Preparedness and Planning for the Ocean County Health Department, which is the largest county-based health department in New Jersey. Roy also serves on the Board of Directors of the Stockton University Foundation, the advisory board for the William J. Hughes Center of Stockton University, the Board of Trustees at Shore Medical Center and the Atlantic County Veterans Advisory Board. He is a U.S. Air Force veteran, where he served for 10 years as the Chief of Preventive Medicine for the New York State Air National Guard. His term will last until June 2029.

Mary Maples, Esq. is the Chief Strategy and Infrastructure Officer at the New Jersey Economic Development Authority. Prior to her role at NJEDA, Maples served as Interim President & CEO, and previously Chief Legal Officer & Corporate Secretary, of University Hospital in Newark. Maples’ career in public service includes her role as Deputy Chief Counsel to Gov. Phil Murphy, where she led the Governor’s Authorities Unit. She was initially appointed to the office by Gov. Chris Christie, under whom she served as Senior Counsel. Maples spent more than 10 years with the Central Intelligence Agency as assistant general counsel and special investigator. She holds a Juris Doctorate from American University, Washington College of Law. Her term ends in June 2024.