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2024 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Marsden
SCHEV - TAG Award Increase

Item 130 #5s

Item 130 #5s

First Year - FY2025 Second Year - FY2026
Education: Higher Education
State Council of Higher Education for Virginia FY2025 $8,500,000 FY2026 $17,000,000 GF

Language
Page 186, line 31, strike "$182,168,512" and insert "$190,668,512".
Page 186, line 31, strike "$145,968,512" and insert "$162,968,512".

Page 186, line 43, strike the first instance of "$100,325,881" and insert "$108,825,881".

Page 186, line 43, strike the second instance of "100,325,881" and insert "$117,325,881".

Page 187, line 16-18, strike and insert:

"1. Payments to students out of this appropriation shall not exceed $5,500 the first year and $6,000 the second year for qualified undergraduate students and $5,500 the first year and $6,000 the second year for qualified graduate and medical students".

Page 187, strike lines 52-54.



Explanation

(This amendment provides $8.5 million GF the first year and $17.0 million GF the second year to increase the TAG award from $5,000 each year to $5,500 the first year and $6,000 the second year for undergraduate and for qualified graduate and medical students. It also removes language that states that payments to undergraduate students shall be greater than payments to graduate and medical students based on a differential established by the State Council of Higher Education for Virginia. The request to increase the TAG award are because amounts have increased at the same rate as general fund spending for public higher education and now lags behind the negative impacts of an inflationary economy.)