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2014 Special Session I

Budget Amendments - HB5002 (Floor Approved)

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VSU HAC Access and Affordability

Item 227 #3h

Item 227 #3h

First Year - FY2015 Second Year - FY2016
Education: Higher Education
Virginia State University FY2015 $1,611,443 FY2016 $1,976,895 GF

Language
Page 189, line 35, strike "$75,409,888" and insert "$77,021,331".
Page 189, line 35, strike "$75,351,316" and insert "$77,328,211".
Page 190, after line 40, insert:
"J. 1. Out of this appropriation, $1,611,443 the first year and $1,976,895 the second year from the general fund is designated for the following:
a. $111,221 the first year from the degree incentive pool for a one percent faculty bonus;
b. $130,134 the second year for a one percent faculty salary increase;
c. $103,216 the first year and $338,533 the second year for the operation and maintenance of new buildings;
d. $700,000 each year to improve retention and graduation rates;
e. $600,000 each year for in-state undergraduate tuition moderation equivalent to about 3.5 percentage points;
f. $97,006 the first year and $208,228 the second year from the degree incentive pool.
2. Virginia State 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.)