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2014 Session

Budget Amendments - HB30 (Floor Approved)

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VT HAC Access and Affordability

Item 221 #4h

Item 221 #4h

First Year - FY2015 Second Year - FY2016
Education: Higher Education
Virginia Polytechnic Institute and State University FY2015 $4,772,803 FY2016 $6,736,098 GF

Language
Page 185, line 12, strike "$574,595,990" and insert "$579,368,793".
Page 185, line 12, strike "$574,742,890" and insert "$581,478,988".
Page 186, after line 43, insert:
"M. 1. Out of this appropriation, $4,772,803 the first year and $6,736,098 the second year from the general fund is designated for the following:
a. $1,962,872 the second year from the degree incentive pool for a two percent faculty bonus;
b. $705,846 the second year from the degree incentive pool for a two percent classified bonus;
c. $1,274,020 the first year and $1,604,141, the second year for the operation and maintenance of new buildings;
d. $1,863,239 each year to increase the number of full-time teaching faculty;
e. $600,000 each year to complete the increase in access for in-state undergraduate students begun in the 2011 Session;
f. $1,035,544 the first year from the degree incentive pool.
2. Virginia Tech 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.
N. Out of this appropriation, Virginia Tech may use up to $46,000 the first year and $175,000 the second year from the general fund to implement a consortium, coordinated by the State Council of Higher Education for Virginia, between James Madison University, Old Dominion University, University of Virginia, Virginia Tech and the Virginia Community College System.  The purpose of this consortium is to develop and administer a pilot program geared towards helping Virginia’s veterans and military members in applying previous military training and education towards completing existing bachelor’s degree and professional certificate programs."


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.)