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2014 Special Session I

Budget Amendments - HB5002 (Floor 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 $5,095,542 FY2016 $6,600,490 GF

Language
Page 173, line 39, strike "$526,719,872" and insert "$531,815,414".
Page 173, line 39, strike "$526,734,226" and insert "$533,334,716".
Page 176, after line 10, insert:
"S. 1. Out of this appropriation, $5,095,542 the first year and $6,600,490 the second year from the general fund is designated for the following:
a. $924,389 the first year from the degree incentive pool for a one percent faculty bonus;
b. $1,223,614 the second year for a one percent faculty salary increase;
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. $392,937 the first year and $1,317,327 the second 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 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.)