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UNIVERSITY
OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE
Friday, March 26, 1999
9:00 a.m. - 10:30 a.m.
East Oval Room, The Rotunda
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A. FACULTY AND STAFF HOUSING RATES, 1999-2000 - Approves
faculty and staff housing rates for the University and The
University of Virginia's College at Wise for the following
academic year. University faculty and staff housing rates
are proposed to increase by an average of 3.6 percent. The
University of Virginia's College at Wise proposes no changes
to its 1999-00 faculty and staff housing rates.
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B. INTENT TO ISSUE BONDS - Declares the Universitys
intent to issue bonds to reimburse expenditures for planning
costs, issuance costs, reserve funds, and other financing
expenses associated with the National Radio Astronomy Observatory
Headquarters Building Addition and the Darden Building.
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II.
ACTION ITEMS
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A.
TUITION AND REQUIRED FEES, 1999-2000 - ACADEMIC YEAR
AND SUMMER SESSION- Approves tuition and required fees
for the University's Academic Division and The University
of Virginias College at Wise. In accordance with the tuition
policy approved by the 1999 General Assembly, the proposal
recommends a 20 percent decrease in tuition and required
E&G fees for in-state, undergraduate students and no increase
in tuition and required E&G fees for in-state graduate students.
The proposal also calls for increases ranging from 5.0 to
5.6 percent for the professional schools and out-of-state
undergraduate and graduate students.
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B.
CONTRACT RATES FOR DINING SERVICES, 1999-2000 - Approves
contract dining rates for the Academic Division and The
University of Virginia's College at Wise for the following
academic year. The proposal calls for average dining rate
increases of four percent for the Universitys Academic Division
and three percent for the College.
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III.
REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER
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A. VICE PRESIDENT'S REMARKS- Ms. Capone will report
on the Governor's 1998-2000 budget, the General Assemblys
1999 session and the 1999 legislative amendments submitted
by the University. Mr. Sandridge will provide a financial
report on the Scott Stadium Expansion project. The Director
of the Integrated Systems Project (ISP) and the Chief Information
Officer will report on the status of the ISP.
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B. ENDOWMENT REPORT- Ms. Handy will report on the
market value and performance of the endowment under the
control of the Rector and Visitors. As of February 28, 1999,
the endowment totaled $1.077 billion, down $10 million from
its value on June 30, 1998. Mr. Goodwin will report on the
actions taken by the Investment Management Company (UVIMCO)
Board.
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