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SENATE OF VIRGINIA Senate Finance Committee

SENATE OF VIRGINIA Senate Finance Committee. Overview of Undergraduate In-State Tuition and Fees. Education Subcommittee June 7, 2007. April Kees. 2007 Session Budget Actions.

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SENATE OF VIRGINIA Senate Finance Committee

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  1. SENATE OF VIRGINIASenate Finance Committee Overview of UndergraduateIn-State Tuition and Fees Education Subcommittee June 7, 2007 April Kees

  2. 2007 Session Budget Actions • The House budget included a Tuition Moderation Incentive Fund and removed the $15.3 million GF included in the Governor’s proposed budget for base adequacy funding in FY 2008. • The fund contained $34 million GF for higher education institutions if they increased in-state undergraduate tuition and E&G fees by no more than 2.25 percent above the amount needed for approved salary increases (on average around 5 percent). • The funding would only be available if revenue estimates were sufficient (part of a revenue reserve). • The Senate budget incorporated the $15.3 million GF that was included in the Governor’s proposed budget in FY 2008 for base adequacy funding.

  3. 2007 Session Budget Actions (continued) • The Conference report contained $7.2 million GF for a Tuition Incentive Fund and $14.8 million GF for base adequacy funding in FY 2008. • The fund provided support of a stated amount to institutions that limited increases to in-state undergraduate tuition and mandatory E&G fees to not more than six percent. • The final budget incorporated language from the Governor that allowed institutions to exceed the six percent if the amount was not higher than reported in the six-year plan and was used for in-state undergraduate student financial aid.

  4. In-state Undergraduate Tuition and Mandatory E&G Fees Source: SCHEV survey – May 2007

  5. In-state Undergraduate Tuition and Mandatory E&G Fees (continued) Source: SCHEV survey – May 2007

  6. Conclusion • Four institutions exceeded the six percent increase. • University of Virginia, • College of William and Mary, • Longwood, and • Radford. • All four were at or below the amount listed in their six-year plan. • All four report that the amount above six percent will be dedicated to undergraduate student financial aid. • All institutions appear to have met the requirements of the Tuition Incentive Fund.

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