Authority: Title 2323.1, Chapter 1025, Code of Virginia.
A. This Item includes general and nongeneral fund appropriations to support institutional initiatives that help meet statewide goals as described in the Restructured Higher Education Financial and Administrative Operations Act of 2005 (Chapters 933 and 945, 2005 Acts of Assembly).
B. As Virginia's public colleges and universities approach full funding of the base adequacy guidelines and as the General Assembly strives to fully fund the general fund share of the base adequacy guidelines, these funds are provided with the intent that, in exercising their authority to set tuition and fees, the Board of Visitors shall take into consideration the impact of escalating college costs for Virginia students and families. In accordance with the cost-sharing goals set forth in § 4-2.01 b. of this act, the Board of Visitors is encouraged to limit increases on tuition and mandatory educational and general fees for in-state, undergraduate students to the extent possible.
C. Resources determined by the State Council of Higher Education for Virginia to be uniquely military shall be excluded from the base adequacy funding guidelines.
D. Out of this appropriation, $322,979 the first year and $471,106 the second year from the general fund is designated to support the goals of access, affordability, quality and increased degrees. Given the increased investment from the general fund during this biennium, it is the expression of the General Assembly that the institution seek to minimize tuition and fee increases for in-state undergraduate students. This language shall be in effect for the 2016-2018 biennium only. The Board of Visitors shall set the tuition rates for the institution, and forward their action to the State Council of Higher Education for Virginia within three business days of such action. The Council shall analyze the Board's actions and report such analysis to the Chairmen of House Appropriations and Senate Finance Committees within three business days of receipt, at which point, the Board's action shall be final. The Director of the Council shall report the final Board actions to the Chairmen by August 1, 2016 and August 1, 2017.
E. Reductions contained in this item may be distributed only within the Educational and General Program except for the specific appropriations contained herein.
F. Virginia Military Institute, with the approval of the Governor, is hereby authorized, at no cost to the Commonwealth, to convey certain portions of real property aggregating less than one-half acre that are part of City of Lexington, Virginia tax map parcel 17-1-1 to The George C. Marshall Research Foundation, Incorporated (Foundation) in exchange for the conveyance from the Foundation of certain portions of real property aggregating less than one-half acre that are part of City of Lexington, Virginia tax map parcel 17-1-2A; said exchange being for the purpose of adjusting property boundaries of the aforesaid tax map parcels to cure encroachments of certain improvements over and across each parcel. The exchange, and all documentation pursuant thereto, shall be in a form approved by the Attorney General. The appropriate officials of the Commonwealth and the Institute are hereby authorized to prepare, execute and deliver such deed and other documents pursuant to appropriate law as may be necessary to accomplish the exchange.