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2014 Special Session I

Budget Amendments - HB5002 (Committee Proposed)

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ODU HAC Access and Affordability

Item 178 #3h

Item 178 #3h

First Year - FY2015 Second Year - FY2016
Education: Higher Education
Old Dominion University FY2015 $11,493,606 FY2016 $12,268,096 GF

Language
Page 160, line 29, strike "$252,419,983" and insert "$263,913,589".
Page 160, line 29, strike "$252,431,395" and insert "$264,699,491".
Page 162, after line 7, insert:
"N. 1. Out of this appropriation, $11,493,606 the first year and $12,268,096 the second year from the general fund is designated for the following:
a. $462,420 the first year from the degree incentive pool for a one percent faculty bonus;
b. $624,760 the second year for a one percent faculty salary increase;
c. $516,233 the first year and $665,963 the second year for the operation and maintenance of new buildings;
d. $5,606,166 each year to increase the number of full-time teaching faculty;
e. $2,545,000 each year to improve retention and graduation rates;
f. $1,750,000 each year for in-state undergraduate tuition moderation equivalent to about two percentage points;
g. $613,787 the first year and $1,076,207 the second year from the degree incentive pool.
2. Old Dominion 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 faculty and classified compensation actions.
O. Out of this appropriation, Old Dominion University 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.)