On July 8, 2006, Governor Jon Corzine signed the state budget for the fiscal year running July 1, 2006, to June 30, 2007. For Rutgers, the FY2007 state budget meant an unprecedented $66.1 million shortfall. Other unavoidable cost increases in areas such as utilities and insurance brought the university’s budget gap to $80 million.
To close this gap, Rutgers Board of Governors raised tuition and approved $50 million in cuts to university programs, staff, and services. Rutgers also created a Committee on Efficiency and Entrepreneurship to identify long-term cost savings and higher returns on the university’s educational and research accomplishments.
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