Stockton University's beachfront campus in Atlantic City.
GALLOWAY TOWNSHIP - Stockton University will receive a record $42.18 million in state aid from the fiscal year 2024 budget approved by the Legislature and signed by Gov. Phil Murphy last week.
The funding is a 17.7% increase from 2023's $35.8 million and a 129% increase over the amount Stockton received five years ago, $18.4 million.
This additional funding will go a long way toward helping Stockton continue to fulfill its students-first mission of developing engaged and effective citizens, Stockton President Joe Bertolino said in a release. It will allow us to mitigate the cost of higher education and provide more opportunities for first-generation and economically disadvantaged students.
The funding includes $4.6 million for Stockton's Atlantic City campus, $250,000 for the newly renamed Dr. Elizabeth Elmore Center for Economic Development and Financial Literacy and $1 million to support continuing planning for the future of the Atlantic City campus.
The budget also includes Stockton's outcomes-based allocation of $7.9 million a $5.1 million increase over last year positively reflecting upon the university's initiatives to improve outcomes for underrepresented and economically disadvantaged students, among other criteria.
This could not have been achieved without the support of our budget resolution sponsors, state Sen. Troy Singleton and Assemblywoman Carol Murphy. We are also grateful for the advocacy of Sen. Vince Polistina, Assemblywoman Claire Swift and Assemblyman Don Guardian who voted in support of the budget containing the Stockton appropriations, and Assembly Majority Leader Louis Greenwald, who shepherded the budget resolution through the Assembly, Bertolino added.
We applaud Senate President Nick Scutari and Assembly Speaker Craig Coughlin for including Stockton's appropriations in the budget legislation, and Gov. Phil Murphy who signed the budget into law, Bertolino said.
