Bond credit rating business Moody’s Investors Service came out with its Weekly Credit Outlook following the midterm elections this past Tuesday.
The report showed that New Jersey voters backed funding measures for community colleges, a credit positive, Moody’s said.
The green light for debt issuance and the flexibility to adjust taxes has been given after New Jersey voters approved ballot measures that are credit positive for community colleges. Voters in the state approved half a billion in state bond issuance. A portion of the funds will go to community colleges.
The funding infusion comes at an interesting time for the 19 community colleges in the state, with overall enrollment falling 2.4 percent in fall 2017 from last year.
Fifty million of the half billion in state bond issuance will go toward community colleges while the rest goes to county vocational schools, school district security and infrastructure improvements. The expansion and improvement of facilities used for career and technical education programs at the community colleges is where the $50 million is going.