BOARD OF VISITORS EXECUTIVE SUMMARY
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.
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