Item 505 | First Year - FY2003 | Second Year - FY2004 |
|---|---|---|
| Executive Management (71300) | -$43,100,000 | -$90,100,000 |
| Higher Education Tuition Policy (71303) | FY2003 -$43,100,000 | FY2004 -$90,100,000 |
| Fund Sources: | ||
| General | FY2003 -$43,100,000 | FY2004 -$90,100,000 |
Authority: Discretionary Inclusion
A.1. Pursuant to Item 131 (E) of House Bill No. 29 (2002), each institution of higher education, including the Virginia Community College System, shall develop a tuition and fee policy for each fiscal year of the 2002-04 biennium. The policy shall be expressed in a plan to be approved by the Governor and shall be subject to the conditions set forth in § 4-2.01 b. of this act. The plan shall include, but not be limited to, the following components:
a. The tuition and fees to be charged to in-state students, out-of-state students, undergraduate students, graduate students and professional students, for the regular school year, the summer session and any session other than the regular school year. Any increase in tuition and mandatory educational and general fees charged to in-state undergraduate students shall not exceed $200 for the total school year, including the summer session.
b. The total tuition and fee revenue to be generated from each category of student and for each session.
c. The total revenue to be generated from the entire plan.
d. A comparison between the current tuition and fees for fiscal year 2001-02 and the charge proposed under the plan, as to both the category of the charge and the total revenue generated under the existing tuition and fee structure and the proposed structure, for each year of the 2002-04 biennium.
2. Submission of the plan for the first year of the biennium (fiscal year 2003) is specified in Item 131 (E) of House Bill No. 29 (2002). The institution shall submit the plan for the second year (fiscal year 2004) by April 15, 2003, to the Secretary of Education.
3. The Secretary of Education, in consultation with the State Council of Higher Education and the Department of Planning and Budget, shall review and make recommendations on the plan. The Secretary of Education shall submit his recommendations to the Governor. The Governor shall act on the proposed plan by June 1, 2003. The Governor shall approve, modify or reject the plan.
4. Upon the Governor’s action on the proposed plans, general fund savings estimated at $43,100,000 the fist year and $90,100,000 the second year and identified by these plans shall be transferred from the educational and general appropriations of the institutions of higher education to this Item by the Director, Department of Planning and Budget.
5. The Secretary of Education shall transmit a copy of the plan as approved by the Governor for each institution of higher education to the Chairmen of the House Appropriations and Senate Finance Committees.