National Municipal Bond Volum e 20 0 0 -20 0 7 Source: Thomson Financial
National Higher Education Volum e $31,800,000,000 $30,100,000,000 $29,500,000,000 Sources: Public Financial Management, Inc.; SDC (Years 2005 & 2006); Ipreo: Muni Data and Analytics System (Year 2007)
NJ Annual Bond Volum e $16,301,500,000 $16,020,700,000 $9,991,900,000 Sources: Public Financial Management, Inc.; SDC (Years 2005 & 2006); Ipreo: Muni Data and Analytics System (Year 2007)
20 0 7 Transactions Public Institutions Project Amount Montclair State University Refunding $ 6,150,000 New Jersey City University Refunding $ 17,910,000 Rowan University Refunding $ 121,355,000 Kean University (three issues) 2 residence halls; parking deck; $ 274,951,666 refunding; lease purchase Thomas Edison State College Lease purchase $ 2,700,000 The Richard Stockton College of NJ Various Capital Projects $ 40,250,000 Private Institutions Project Amount Centenary College Refunding of a bank loan; $ 4,784,617 capital improvements Institute for Advanced Study Academic building addition; $ 20,000,000 network and utility upgrades; renovations to academic buildings Drew University Residence hall; renovations $ 29,135,000 to existing dorms; capital improvements; equipment Princeton University (two issues) Refunding; capital improvements $ 392,620,000 Rider University Residence hall; parking facility; $ 22,000,000 infrastructure improvements Georgian Court University Wellness center; refunding; office $ 28,030,000 (two issues) space Stevens Institute of Technology Refunding $ 71,060,000 Saint Peter’s College (two issues) Refunding $ 39,901,926 Grand Total: $ 1,070,848,209
Princeton University Butler College Dorm itory
Chem istry Building Princeton University
Princeton University Lewis Library
Princeton University SEAS-ORFE Building
Princeton University Soccer Stadium
Institute for Advanced Study Sim ons Center for System s Biology
Drew University New Student Housing
Residence Halls and Dining New Kean University
Rider University New Student Housing
Georgian Court University Wellness Center
The Richard Stockton College of New Jersey Housing V Phase II
NJEFA Issuance Overview By Number of Issues By Par Amount (in Million $) Source: NJEFA
NJEFA Bonds Issued by Decade vs. Last 8 Years $6,613,668,956 7,000 6,000 5,000 In Million $ 4,000 3,000 $2,505,433,659 2,000 $884,117,000 1,000 $425,931,000 0 1970s* 1980s 1990s 2000s** * Includes par amount issued in 1969 ** Includes total par amount issued in 2007 Source: NJEFA
Capital Investm ent Soars as Universities Com pete in Marketplace U.S. Higher Education Debt ( $ m illion) Rated By Moodys $million PRIVATES PUBLICS 14,000 FACTORS DRI VI NG DEBT: 12,000 States Cut Funding Low Borrow ing Rates 10,000 Baby-boom 2 enrolls 8,000 Research Funding Expanded Philanthropy/ Stock Gains 6,000 More Sophisticated Managem ent 4,000 2,000 0 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 Source: Moody’s Investors Service
NJ Enrollm ent: Degrees Conferred 20 0 0 -20 0 6 Total Total Degrees/ Enrollments Certificates 2000 335,930 52,579 2001 346,277 53,205 2002 361,757 55,866 2003 372,696 58,277 2004 379,447 61,428 2005 379,686 64,007 2006 385,612 65,105 49,682 12,526 Cumulative Increase (14.79%) (23.82%) Source: New Jersey Commission on Higher Education
Steady Dem and for College Actual and Projected Num ber of NJ Public High School Graduates 2 0 0 1 -0 2 through 2 0 1 6 -1 7 Sources: NJ Association of State Colleges and Universities; National Center for Education Statistics, December 2007
Earnings Prem ium Relative to Price of Education Sources: The College Board; U.S. Census Bureau, 2006
Education, Earnings and Tax Paym ents Sources: The College Board; U.S. Census Bureau, 2006; Internal Revenue Service, 2006; McIntyre et al., 2003
Public Assistance Program s Sources: The College Board; U.S. Census Bureau, Current Population Survey, 2006 Annual Social and Economic Supplement
Sources: The College Board; Moretti, 2004 Econom ic Benefits to Others
Volunteerism Sources: The College Board; Bureau of Labor Statistics, 2007
Earnings Over Tim e by Education Level and Gender Sources: The College Board; National Center for Education Statistics (NCES), 2007, Indicator 20
Measuring Up 20 0 6 Adults holding a college degree Ages 35-64 Ages 25-34 Sources: “Measuring Up – 2006” – The National Center for Public Policy and Higher Education; Organisation of Economic Co-operation and Development (OECD). Data represent the percentage of adults with an Associate’s degree or higher in 2003
Measuring Up 20 0 6 College Participation College Completion Ages 18-24 Sources: “Measuring Up – 2006” – The National Center for Public Policy and Higher Education; Organisation of Economic Co-operation and Development (OECD). Data are for 2003.
Differences in College Attainm ent Sources: Jobs for the Future, Organisation of Economic Co-operation and Development (OECD), Education at a Glance 2006; Data were analyzed by the National Center for Higher Education Management Systems and the Delta Project on Postsecondary Costs for Making Opportunity Affordable, an initiative supported by Lumina Foundation for Education
Changing Workforce Needs Sources: Jobs for the Future; U.S. Bureau of Labor Statistics; Data were analyzed by the National Center for Higher Education Management Systems and the Delta Project on Postsecondary Costs for Making Opportunity Affordable, an initiative supported by Lumina Foundation for Education
US Losing Role as Leading Destination for Foreign Students % of Students Studying Abroad in Top 100% 90% 80% Destination Countries 70% 60% 50% 40% 30% 20% 10% 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 US UK Australia Germany France China Japan Canada New Zealand Sources: Moody’s Investors Service, 2008 Higher Education Outlook; “International Student Mobility: Patterns and Trends” as published by The Observatory on Borderless Higher Education in September 2007
The Degree Gap New Jersey Sources: Jobs for the Future; U.S. Census Bureau: 2005 American Community Survey; Data were analyzed by the National Center for Higher Education Management Systems and the Delta Project on Postsecondary Costs for Making Opportunity Affordable, an initiative supported by Lumina Foundation for Education
College Enrollm ent by Race/ Ethnicity Sources: The College Board; Snyder et al., 2006; U.S. Census Bureau, 2005
The Degree Gap Sources: Jobs for the Future; U.S. Census Bureau 2005 ACS, Population Projections, NCES, IPEDS Completions Survey; Data were analyzed by the National Center for Higher Education Management Systems and the Delta Project on Postsecondary Costs for Making Opportunity Affordable, an initiative supported by Lumina Foundation for Education
The Price of College is Going Up Sources: Jobs for the Future; U.S. Bureau of Labor Statistics; The College Board; Data were analyzed by the National Center for Higher Education Management Systems and the Delta Project on Postsecondary Costs for Making Opportunity Affordable, an initiative supported by Lumina Foundation for Education
Tuition Increases Com pared to Changes in State Appropriations 15% 10% 5% 0% 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 -5% % Change State Approps % Change Tuition and Fees * Moody’s rated public institutions Sources: Moody’s Investors Service; Center for the Study of Education Policy, Illinois State University; The College Board
New Jersey Higher Education Spending • FY 2007 - $1.97 billion - operating expenses • FY 2006 - $401 million - student aid • FY 2005 - $867 million - research and development Source: Chronicle of Higher Education
State Support is Declining Direct State Appropriations Adjusted for Inflation $310,000 $290,000 $270,000 $250,000 $249,911,000 $230,000 $224,932,000 $210,000 $190,000 6 8 9 0 1 2 3 4 5 7 8 0 9 9 0 0 0 0 0 0 0 0 9 9 0 0 0 0 0 0 0 0 0 1 1 2 2 2 2 2 2 2 2 2 Y Y Y Y Y Y Y Y Y Y Y F F F F F F F F F F F Appropriation Inflation Adjusted Source: New Jersey Association of State Colleges and Universities; Governor’s Budget Recommendations; US Department of Labor’s CPI Detailed Report
Private Institutions 2006 2005 2004 NJ All NJ All NJ All Privates Privates Privates Privates Privates Privates Median FTE Enrollment 4,164 2,845 3,892 2,806 3,772 2,802 (number may be estimated) Primary Selectivity (%) 70 58 76 62 67 63 Expendable Resources to 1.56 1.67 1.43 1.52 1.35 1.52 Direct Debt Expendable Resources to .89 1.17 .87 1.11 .71 1.02 Operations Annual Operating 1.9 3.7 5.6 3.1 2.6 3.1 Margin (%) Source: Moody’s Investors Service
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