In our spotlight on Business Report tonight, a path forward for cash strapped New Jersey City University.

After six months of reviewing finances at the nearly 100 year old Higher ed institution, a state appointed monitor on Tuesday said the college will survive, but it'll take a lot more budget cuts, more state investment and partnering with another university to secure and use future.

The report comes nearly two years after the school's board of trustees declared a financial emergency, replacing top leadership and slashing a number of academic courses to begin righting the ship.

Ted Goldberg has the story.

A state appointed monitor for JCU says the university should stay open despite a tumultuous financial situation.

It is essential that the university, such as entry to U of higher education in Hudson County, needs to be in place to serve the myriad of students, particularly those a first generation who will come to you for their educational opportunities.

Yesterday, Henry Amoroso released a fiscal accountability plan stating End JCU has made strides from the financial black hole it was in a few years ago.

He says dwindling enrollment, bad real estate investments and financial mismanagement put the school more than $230 million in debt.

Amoroso credits interim President Andre Sebo for making hard choices and trying to boost enrollment.

He has reached out in high schools.

His team has done is gone out to try to recruit more students.

He's entered into agreements with the community college.

This is all serve the purpose of beginning to stem the tide.

In response to the story, I Sebo sent a statement reading in part.

We look forward to fully reviewing the State Monitor's Fiscal accountability Plan and its recommendations.

Our work will continue to be emboldened by our students, faculty, staff, community and local and state leaders who have unwaveringly poured so much into the unrelenting renewal of our indispensable mission.

The union representing NJC faculty agreed with part of the plan, saying the school did over expand and should try to sell or rent out some buildings.

Somewhere in 2020.

We had no reserves to hang on to.

Unwise investments is not a useful thing to do.

Other parts of the plan were more controversial, like when Amoroso said NGC, you should consider sharing or merging programs with other schools.

We owe to the students.

Past Present is still to come to explore the opportunities that may combine a sufficient synergy to create something better, something that can achieve more as it relates to its mission and to the outcomes that we all want.

Thinking about a merger, I think would be the kiss of death in terms of the identity of this institution.

Union negotiator Bill Colitis says JCU has a very distinct identity in Jersey City, which could be threatened by mergers.

The average family salary income for students at attending JCU is like $42,000 a year.

Impoverished.

So the school has been a beacon of hope.

And JCU phased out almost a third of its academic programs as part of budget cuts.

In February, Moody's upgraded their bond rating from negative to stable, showing that the school's austerity measures could save the school even if they're not out of the woods just yet.

For NJ Spotlight News, I'm Ted Goldberg.

Support for the business report is provided by Junior Achievement of New Jersey, providing students with skills and knowledge to explore, choose and advance their career paths to a bright future online at JMJ dot org and by the New Jersey Chamber of Commerce announcing its renewed Jersey Business Summit and Expo March 26th and 20 subject at Harrah's in Atlantic City.

Event Details online at NJ Chamber Dotcom.