This bill mandates that public institutions of higher education in New Jersey conduct a series of studies aimed at improving administrative efficiency and reducing costs associated with providing higher education services. Specifically, institutions are required to develop a cost diagnostic that identifies key cost drivers and revenue sources, analyze administrative productivity biennially using a common measure developed by the Secretary of Higher Education, and review their organizational structures for potential streamlining. Additionally, institutions must conduct biennial space utilization studies to identify cost-saving opportunities and report on faculty productivity, including metrics such as the number of courses taught and research time allocation.

The bill emphasizes the importance of transparency and accountability by requiring institutions to publicly share their findings on faculty productivity and the results of their various analyses. This initiative aims to enhance the efficiency of higher education administration, ultimately minimizing costs that may be passed on to students. The act is set to take effect immediately upon passage.