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2006-07 Educational and General Program (E&G) Budget Update. John M. Bennett Vice President for Finance VCU Leadership Retreat May 3, 2006. VCU’s financial position is the result of the self-help prescription implemented several years ago. Measured enrollment growth

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2006 07 educational and general program e g budget update

2006-07 Educational and General Program (E&G)Budget Update

John M. Bennett

Vice President for Finance

VCU Leadership Retreat

May 3, 2006

vcu s financial position is the result of the self help prescription implemented several years ago
VCU’s financial position is the result of the self-help prescription implemented several years ago.
  • Measured enrollment growth
  • Increased research awards
  • Higher levels of private giving
  • Entrepreneurial initiatives
slide3
VCU has accounted for 30 percent of headcount enrollment growth among Virginia students over the past decade.
slide5
Since 1990, VCU and private donors contributed 44% of all funding for instructional and research space.
slide6
The state budget has not yet been enacted. But -- both House and Senate budgets increase operating support significantly.
slide8

For undergraduates living on the Monroe Park Campus, total tuition and fee charges will increase 5.3% for residents and 1.6% for nonresidents.

slide9
For graduate students on the MCV Campus, tuition and fee charges will increase 7.6% for residents and 1.0% for nonresidents.
slide10
Presidential priorities

Research

Medicine

Life Sciences

International education

Engineering

Business

Digital arts and media

Strategic Plan priorities

University College

School of Public Health

Honors College

University Libraries

Support for enrollment growth

State-mandated cost increases

Compensation

Fringe benefits

Property Insurance

eVa fees

Capital commitments/unavoidable cost increases

Technology upgrades

O&M for new facilities

Theatre Row

Utility price increases

New resources should total about $36 million. Within that total, the E&G budget will be defined by 5 spending drivers.
as we look ahead
As we look ahead . . .
  • The post 9/11 recession and its aftermath forced VCU to rely almost entirely on its self-help prescription.
    • Measured enrollment growth
    • Increased research awards
    • Higher levels of private giving
    • Entrepreneurial initiatives
  • Recent increases in state general fund support are beginning to recognize enrollment and the gap in base adequacy funding.
  • VCU’s financial position is therefore stronger than it has been in several years.