According to the Governor’s press release, the budget includes $34.5 billion in state appropriations, a 2.1 percent increase over the fiscal year 2016 budget.
Technology Based Economic Development
- NJBIA advocated for and secured a $1.5 million line item to create a statewide asset database on the research and resources available at New Jersey’s higher education institutions. The online portal will promote the state’s academic assets in order to attract high-tech companies, and support the state’s innovation economy.
- New Jersey has strong research-based industries, outstanding academic institutions and a supportive state government. Collaboration amongst these assets will allow New Jersey to unleash the economic potential of our higher education institutions.
- Contingent on winning the federal grant, New Jersey Innovation Institute (NJII) would receive $5 million to become an Innovative Medicines Manufacturing Institute (IMMI) under the National Network for Manufacturing Innovation (NNMI) pursuant to a federal funding opportunity released by the National Institute of Standards and Technology (NIST).
- The Coriell Institute also received $1 million for research under contract for medical research.
- Funding also went to the NJ Department of Health’s Brain Injury Research Fund, the Governor’s Council for Medical Research and Treatment of Autism and the NJ Department of Law and Public Safety’s Paul Coverdell National Forensic Science Improvement.
- For the third year in a row, New Jersey has continued the County Vocational School District Partnership Grant Program. NJBIA originally advocated for this grant program, which encourages vocational schools to partner with local high schools and county colleges to create career programs in existing facilities.
- However, the funding has been cut to $1 million.
- College Readiness Now is funded at $1 million in fiscal 2017 to help students prepare for college-level course work before they graduate high school. Funding will fully support partnerships between the county colleges and at least 60 high schools throughout the state, with at least one in each county.
- NJ Department of Education’s Mathematics and Science Partnerships Grants received $2.8 million to increase the academic achievement of students in mathematics and science by enhancing the content knowledge and teaching skills of classroom teachers, including the Liberty Science Center receiving $1 million for providing educational services to districts with high concentrations of at-risk students in the science education component of the Next Generation Science Standards.
- It includes a $10 million grant to help launch the new medical school planned by Hackensack University Health Network and Seton Hall University.
- An additional $60 million in state and federal funds brings the total available through the Graduate Medical Education Program to $188 million, helping to ensure access to an adequate number of well-trained doctors.
For the complete budget signed into law, click here.