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2014 Special Session I

Budget Amendments - HB5002 (Committee Proposed)

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CWM HAC Access and Affordability

Item 151 #2h

Item 151 #2h

First Year - FY2015 Second Year - FY2016
Education: Higher Education
The College of William and Mary in Virginia FY2015 $785,737 FY2016 $1,275,251 GF

Language
Page 147, line 30, strike "$174,696,282" and insert "$175,482,019".
Page 147, line 30, strike "$174,713,590" and insert "$175,988,841".
Page 148, after line 32, insert:
"I. 1. Out of this appropriation, $785,737 the first year and $1,275,251 the second year from the general fund is designated for the following:
a. $317,277 the first year from the degree incentive pool for a one percent faculty bonus;
b. $367,314 the second year for a one percent faculty salary increase;
c. $28,460 the first year and $172,326 the second year for the operation and maintenance of new buildings;
d. $440,000 each year to complete the increase in access for in-state undergraduate students begun in the 2011 Session;
e. $295,611 the second year from the degree incentive pool.
2. The College of William and Mary 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 faculty and classified compensation actions."


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.)