Thursday, January 26, 2017

For higher ed officials, General Assembly session offers few dollars to chase - Karin Kapsidelis Richmond Times-Dispatch

Universities, meanwhile, are keeping an eye out for possible ramifications from the disclosure last summer that the University of Virginia had created a Strategic Investment Fund from surplus funds that is worth more than $2.2 billion. Public colleges and universities are bracing for budget cuts — the glow from last session’s appropriations windfall quickly faded when the state came up short on the revenue it had anticipated. The schools had been told to expect a 7.5 percent reduction in state funding, but the governor’s budget proposal in December scaled back the cut to 5 percent for a total savings of $76 million. Virginia State and Norfolk State universities, two historically African American institutions, were exempted.

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