UNIVERSITY
OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE
January 23, 1998
9:00 a.m.-10:00 a.m., East Oval Room, The Rotunda
I.
CONSENT AGENDA
- 1998
SUMMER SESSION RATES - The required fees for summer session
are customarily set at the winter Board meeting. The proposed
resolution calls for no tuition increase for in-state students
and a four-percent increase for non-resident students. The
resolution also includes an increase of $20, or 22.2 percent,
in the summer session comprehensive fee to go toward Newcomb
Hall, Student Health, and Transportation. Mountain Lake laboratory
use fees are proposed to increase by 2.7 percent, and room
rates are proposed to increase by an average of 2.7 percent.
-
-
REFERRAL
ITEMS FROM HEALTH AFFAIRS - The Health Affairs Committee
will make a recommendation to the Finance Committee regarding
proposed amendments to the 1997-98 Medical Center operating
budget and the Clinical Faculty Remuneration plan. The amendment
to the 1997-98 Medical Center operating budget reported to
the Board in November 1997, will yield a total margin of $27
million, compared with $25.2 million approved by the Board
of Visitors in June. The revisions to the current Clinical
Faculty Remuneration Plan outline a two-part salary strategy
to compensate clinical faculty based upon the value they create
for the institution.
II. ACTION ITEMS
1998-99
STUDENT HOUSING RATES -- Student housing rates for the Academic
Division and Clinch Valley College are set at the winter Board
meeting. The proposal calls for average housing rate increases
of approximately four percent for the University’s Academic Division
and three percent for Clinch Valley College.
III. REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER
A.VICE PRESIDENT'S REMARKS -- The Vice President for Management
and Budget will report on the Governor's 1998-99 budget and the
1998 legislative amendments submitted by the University. The Governor's
budget yielded $510.8 million in additional funds for higher education.
The Council of Presidents submitted a unified budget amendment
on behalf of all higher education institutions in the state. The
amendment targets faculty salaries, technology, non-personal services,
enrollment growth, equity funding, institutional specific requests
and capital outlay projects that remain unaddressed in the Governor’s
budget. Ms. Capone’s report also will outline the preliminary
budget assumptions that will be used to develop the University’s
1998-99 educational and general budget. The presentation will
include a preliminary discussion of the planning assumptions regarding
tuition.
The Executive Vice President will discuss policy issues regarding
Clinch Valley College housing and its relationship to the student
housing system at the University in Charlottesville.
- INVESTMENT
MATTERS -- As of December 31, 1997, the endowment under
the control of The Rector and Visitors totaled approximately
$1.040 billion, compared with $961.6 million in June 1997.
The $78.3 million increase is attributable to approximately
$50.2 million in market appreciation and $28.1 million in
gifts and transfers.
Mr. William H. Goodwin will provide a report on the actions taken
by the Investment Subcommittee on November 11, 1997, and by the
Finance Committee on December 23, 1997. Mr. Goodwin will also
discuss a proposal related to the reorganization of the Treasurer's
Office.
