VMI - Faculty Salary Increase

Item 237 #4s

Language
Page 179, line 32, strike "$23,286,222" and insert "$23,540,456".
Page 179, line 32, strike "$23,287,948" and insert "$23,757,301".
Page 180, line 1, insert:
"B.  Out of this appropriation, $66,015 is provided in the first year and $121,872 is provided in the second year from the general fund for the state share of a three percent salary increase for all faculty, effective November 25, 2004.  In combination with these funds, the University, with approval from its governing board, may use nongeneral fund revenues to support up to an additional 1.5 percent salary increase for teaching and research faculty, effective November 25, 2004.  This additional authority is provided to assist the institution in addressing issues of faculty retention and recruitment and to begin raising average salaries for teaching and research faculty to the 60th percentile of peer institutions by the end of the decade."

Explanation
(This amendment is self-explanatory.)