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2014 Session

Budget Amendments - HB30 (Committee Approved)

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VCU HAC Access and Affordability

Item 204 #4h

Item 204 #4h

First Year - FY2015 Second Year - FY2016
Education: Higher Education
Virginia Commonwealth University FY2015 $4,690,178 FY2016 $6,790,278 GF

Language
Page 173, line 39, strike "$526,719,872" and insert "$531,410,050".
Page 173, line 39, strike "$526,734,226" and insert "$533,524,504".
Page 176, after line 10, insert:
"S. 1. Out of this appropriation, $4,690,178 the first year and $6,790,278 the second year from the general fund is designated for the following:
a. $1,848,777 the second year from the degree incentive pool for a two percent faculty bonus;
b. $881,952 the second year from the degree incentive pool for a two percent classified bonus;
c. $281,333 the second year for the operation and maintenance of new buildings;
d. $2,215,000 each year to increase the number of full-time teaching faculty;
e. $1,343,216 each year to improve retention and graduation rates;
f. $220,000 each year to support the Commonwealth Center for Advanced Logistics;
g. $911,962 the first year from the degree incentive pool.
2. Virginia Commonwealth University shall reallocate up to two percent of its fiscal year 2014 general fund appropriation for educational and general programs to cover the nongeneral fund share of the two percent bonus for faculty and classified."


Explanation
(This amendment provides general fund money to support faculty and staff compensation, in-state undergraduate enrollment, the operations and maintenance of new buildings, additional full-time faculty, retention improvement, institution-specific initiatives and in-state undergraduate tuition moderation.)