Since 1994, New Jersey's higher education system has been under a new governance system created by the Higher Education Restructuring Act. The act declares that eliminating unnecessary state oversight will spur institutional creativity and innovation and that placing greater decision making and accountability at the institutional level will better enable New Jersey colleges and universities to fulfill their missions and serve statewide goals. The restructuring act requires the commission and the President's council to conduct a comprehensive assessment of the new structure and submit a report to the governor and Legislature on or before July 1, 1999. The report identifies the major implementation activities undertaken in the past five years and offers some recommendations. Major accomplishments include: (1) enactment of a $55 million Higher Education Technology Infrastructure Fund; (2) a significant increase in operating aid for community colleges; (3) a bond proposal that provides $550 million for capital improvements at four-year institutions; (4) development of a broad-based transfer and articulation agreement; (5) creation of a $1 million grant program to improve graduation and transfer rates for low-income or minority students; and (6) completion of a statutorily-required study of the capacity of the higher education system. (JJL)