It is. Adjectives can essentially turn into nouns. For example, words like ванная (bathroom) which used to be ванная комната (literally bath room) or рабочий (worker) which used to be рабочий человек (working man), are now used in that form only.
However, you can't do it with any adjective+noun combination, only with known idioms.
It is a good question, as, in a sentence like this one, there is no difference in meaning between the present and the future. The present form of 'быть' which is есть is nearly always omitted, but when we discuss plans or inform people of scheduled future events, there is always an option to include the appropriate future form of the verb (буду, будешь, будет, будем, будете, or будут).