2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

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ODU - Increase NGF Authority

Item 204 #3c

Item 204 #3c

First Year - FY2005 Second Year - FY2006
Education: Higher Education
Old Dominion University FY2005 $2,641,547 FY2006 $4,455,760 NGF

Page 157, line 26, strike "$145,939,158" and insert "$148,580,705".
Page 157, line 26, strike "$149,163,120" and insert "$153,618,880".
Page 159, after line 20, insert:
"K. Old Dominion University shall report to the State Council of Higher Education for Virginia no later than May 1 of each year its tuition, fee, and all other nongeneral fund revenues, in a manner as prescribed by the State Council of Higher Education for Virginia.  The report shall include revenues from the current fiscal year and a projection of anticipated revenues for the next fiscal year."

(This amendment, in conjunction with the nongeneral fund appropriation included in the introduced budget, provides for the nongeneral fund share of support needed to begin moving towards full funding of the base adequacy guidelines adopted by the Joint Subcommittee Studying Higher Education Funding Policies, to make progress on returning average faculty salaries to the 60th percentile of peer institutions nationally, and to provide funding needed to meet anticipated operating cost increases over the biennium.)