Revenue Reserve
Item 463.10 #1h
Item 463.10 #1h | First Year - FY2007 | Second Year - FY2008 | |
| Central Appropriations |
| Central Appropriations | FY2007 $0 | FY2008 $50,000,000 | GF |
Language
Page 506, after line 7, insert:
"A. Out of this appropriation, $38,340,000 from the general fund the second year is provided to compensate for downward revisions of the official 2006-2008 general fund revenue estimates reflected in Enactment No. 1, § 3 of this act, and prepared subsequent to December 15, 2006, for the fiscal years 2006-07 and 2007-08.
B. Upon certification by the Governor that the general fund revenue estimates referenced in subparagraph A have been met for the fiscal year ending June 30, 2007, and upon certification by the Governor on October 1, 2007, that the general fund revenue estimates referenced in subparagraph A for the fiscal year ending June 30, 2008, will be met, $34,040,000 shall be used to create the Higher Education Tuition Moderation Incentive Fund within Item 145 of this act with potential allocations to public colleges and universities as follows:
Institution Amount Increase Expected T&F
Christopher Newport University 675,000 4.45%
College of William and Mary 1,340,000 5.15%
George Mason University 3,200,000 4.25%
James Madison University 4,200,000 4.25%
Longwood University 420,0004.45%
University of Mary Washington 550,000 5.25%
Norfolk State University 250,000 4.65%
Old Dominion University 1,250,000 3.95%
Radford University 2,930,000 4.25%
University of Virginia 1,900,000 4.85%
University of Virginia at Wise 150,000 5.25%
Virginia Commonwealth University 4,010,000 4.45%
Virginia Military Institute 345,000 5.15%
Virginia Polytechnic Institute & State University 5,500,000 4.85%
Virginia State University 1,240,000 5.05%
Richard Bland College 80,000 4.25%
Virginia Community College System 6,000,000 4.75%
Total 34,040,000
C. Upon certification that the requirements have been met in subparagraph B., $4,300,000 shall be used to provide the general fund share of an additional one percent salary increase for full-time and part-time teaching and research faculty and graduate teaching assistants at public colleges and universities effective November 25, 2007. This increase is in addition to the increase already provided in Item 461 of this act.
D. Eligibility for allocations listed in subparagraph B. and C. of this item shall be made only to those institutions who limit in-state undergraduate tuition and fee increases in fiscal year 2008 to no more than 2.25 percent above the level calculated as required for the nongeneral fund share of state-approved salary increases and which are listed in subparagraph B. The State Council of Higher Education for Virginia (SCHEV), in consultation with staff from the Senate Finance and House Appropriations Committees, shall determine whether each public college and university has met the tuition requirements of this fund. SCHEV shall report its findings to the Governor and Chairmen of the Senate Finance and House Appropriations Committees by August 15, 2007.
E. Upon certification that the requirements in subparagraph B. have been met, the Director, State Council of Higher Education for Virginia, may transfer the amounts listed above to each institution that has met the eligibility criteria for allocations from this fund. Any institution that has increased in-state undergraduate tuition and fees above the level that is necessary to meet the requirements of this fund shall not receive any allocation from this fund.
F. Any funds in paragraph B. and C. not utilized pursuant to the requirements of paragraph D. shall revert to the Literary Fund."
Explanation
(This amendment is self-explanatory.)