2006 Session

Budget Amendments - SB30 (Committee Approved)

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APA Study on Institutional Debt Capacity (language only)

Item 2 #2s

Item 2 #2s

Legislative Department
Auditor of Public Accounts

Page 8, after line 24, insert:  "C.  The Auditor of Public Accounts shall analyze the debt for state-supported institutions of higher education.  This analysis shall also consider debt issued and paid by the Commonwealth on behalf of the institutions.  Further, the Auditor shall review and evaluate the potential impact of affiliated organizations on an institution’s debt capacity.  The purpose of this analysis is to determine whether the Commonwealth should develop debt capacity guidelines for Virginia's public institutions of higher education.  The institutions and the State Council of Higher Education for Virginia shall provide any assistance and cooperation necessary for the Auditor to conduct this analysis.  The Auditor shall provide a report of the results of his analysis to the Chairmen of the House Appropriations and Senate Finance Committees and the Debt Capacity Advisory Committee by December 1, 2006."

(This amendment requires the Auditor of Public Accounts to analyze the use of institutional, foundation, and state-supported debt at Virginia's public colleges and universities.)