2003 Session

Budget Amendments - HB1400 (Conference Report)

Increase student financial aid

Item 505.10 #1c

Item 505.10 #1c

First Year - FY2003 Second Year - FY2004
Central Appropriations
Central Appropriations FY2003 $0 FY2004 $4,500,000 GF

Page 472, after line 30, insert:
Out of this appropriation, $4,500,000 is provided from the general fund in the second year for need-based financial aid for Virginia resident undergraduate students.  The Director, Department of Planning and Budget, shall distribute these funds to higher education institutions consistent with the level of student need, as calculated by the State Council of Higher Education for Virginia.  The Director, Department of Planning and Budget, shall submit a report by July 15, 2003, to the Chairmen of the House Appropriations and Senate Finance Committees setting out the distribution of these funds."

(This amendment provides additional funding for student financial aid in light of anticipated tuition increases at public institutions of higher education.)