New Jersey’s state colleges/universities are governed by a budget process well established in the state’s constitution, which requires that appropriations (to state entities) be made by law before any money can be withdrawn from the State Treasury. The legislature cannot appropriate funds in excess of the total amount of available or anticipated revenue as certified by the governor. This constitutional provision for a balanced budget enables state government to maintain a fiscally responsible posture and the highest possible credit rating. State government operates on a fiscal year from July 1 of one year to June 30 of the following year.