TCNJ

25 LONG-TERM DEBT TCNJ remains mindful of its limited debt capacity as it considers future strategic reinvestment in facilities and new capital initiatives. The College continues to amortize principal aggressively with annual principal amortization averaging $13.1 million over the next five years. TCNJ will amortize over 48 percent of its total debt in the next 10 years. The college's long-term debt structure is all fixed-rate with no interest rate swaps. The chart at right illustrates the aggregate annual debt service in principal and interest: STATE SUPPORT TCNJ INSTITUTIONAL FINANCIAL AID $9M $12M $15M $18M 2017 $14.5 2018 $15.5 $6M Scholarships and waivers 2014 2015 $16.2 $15.1 2016 $14.7 10% 20% 30% 40% 50% Tuition and fees, net of scholarship allowance State base appropriation State fringe appropriation 2015 2018 2017 2016 STUDENT AND STATE CONTRIBUTIONS TO TOTAL REVENUES *Audited financial statements were not available at the time of publication. The figures on these pages are unaudited. Once available, the audited financial statements may be found online at treasurer.tcnj.edu. Principal Interest 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 7/1/2018 7/1/2019 7/1/2020 7/1/2021 7/1/2022 7/1/2023 7/1/2024 7/1/2025 7/1/2026 7/1/2027 7/1/2028 7/1/2029 7/1/2030 7/1/2031 7/1/2032 7/1/2033 7/1/2034 7/1/2035 7/1/2036 7/1/2037 7/1/2038 7/1/2039 7/1/2040 7/1/2041 7/1/2042 7/1/2043 Principal Interest 0 5,000,000 10,000,000 15,000,000 20,000,000 7/1/2018 7/1/2019 7/1/2020 7/1/2021 7/1/2022 7/1/2023 7/1/2024 7/1/2025 7/1/2026 7/1/2027 7/1/2028 7/1/2029 7/1/2030 7/1/2031 7/1/2032 7/1/2033 The base state appropriation for 2018–19 is flat compared to 2017–18. Fiscal year 2018 celebrated the completion of the near-$80 million STEM project, which was constructed with $40 million in funding through New Jersey's Building Our Future Bond and an additional $1 million from the New Jersey Higher Education Technology Infrastructure Fund. The college's focus on STEM facilities continues with the science complex renovation, which has begun and is funded with $6 million from the New Jersey Higher Education Facilities Trust. In fiscal year 2018, construction also began on the renovation of Armstrong Hall, which is funded by an $8 million grant from the New Jersey Higher Education Capital Improvement Fund. In total, the state provided $65.5 million in support for these and other strategic projects through various capital grants and the general obligation bond. STRATEGIC PARTNERSHIPS TCNJ is committed to seeking innovative approaches to improve the campus without putting additional pressure on its budget and preserving its debt capacity. The two-year $38 million renovation of Brower Student Center, which was completed in August 2017, was funded almost entirely by the college's food service provider, Sodexo, as part of its long-term partnership agreement.

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