Budget/Stimulus Timeline
May 20, 2009: Federal agencies begin reporting their competitive grants and contracts.
April 8, 2009: State General Assembly reconvened.
March 27, 2009: Governor makes final decisions and recommendations.
March 16, 2009: State Cabinet Secretaries make recommendations to the Governor on use of available stimulus funds.
March 4, 2009: Executive Vice President and Provost distributes U.Va. stimulus guidance document to the academic units.
March 3, 2009: Initial federal agency research grant RFA's are posted.
March 2, 2009: State develops review mechanism for developing priority use of stimulus funds.
February 27, 2009: U.Va. submits stimulus capital project requests to the state.
February 24, 2009: The Executive VP and Chief Operating Officer creates an ad hoc stimulus working group to coordinate University stimulus efforts.
February 23, 2009: U.Va. Washington, DC consultant visits campus to provide overview on how the federal stimulus package could impact the University.
February 18, 2009: U.Va. Vice President for Research sends e-mail to all faculty outlining potential University research opportunities in stimulus package.
February 17, 2009: President Obama signs stimulus legislation.
February 13, 2009: H.R.1: The "American Recovery and Reinvestment Act (ARRA) of 2009" passes the U.S. House and Senate ($787 billion).
December 2008: Governor Kaine's amendments to the 2008-10 Appropriations Act include an additional 8% ($12.4 million) permanent reduction to the 2009-10 state appropriation. From the 2007-08 original budget to the proposed 2009-10 budget, $32.2 million has been permanently reduced from the University's base annual budget. Planned salary increases for 2009-10 are proposed for elimination. The Governor also proposes to eliminate the state's $2.8 million match associated with the Eminent Scholar's Program. The General Assembly will act on the Governor's proposal when it convenes in early 2009, with a final budget expected to be approved in mid-March.
December 2008: Leading public educators issue open letter to President-Elect Obama urging investment in public higher education to rebuild america's economy.
November 2008: The President and senior university leadership meet in the first in a series of special Cabinet Meetings designed to identify and measure new innovative ways to reduce overall costs of operations and position the university for the future.
November 20, 2008: Executive Vice President and Chief Operating Officer Leonard Sandridge addresses Faculty Senate on the impact of the financial situation on the university.
November 2008: President Casteen sends a letter to Alumni, Parents, and Friends about the Economy's Impact on the University.
November 2008: Executive Vice President and Chief Operating Officer Leonard Sandridge sends a letter to the University Community on U.Va.'s Endowment.
November 12, 2008: Executive Vice President and Chief Operating Officer Leonard Sandridge and Vice President for Management and Budget Colette Sheehy discuss current financial situation with the Executive Committee of the Employee Communications Councils.
October 10, 2008: In a letter to the community, President Casteen reiterates that the University has no plans for layoffs.
October 2008: The investments in the University Investment Management Company long-term pool are down approximately 20% for the period July through October.
October 2008: University schools and departmental 2008-09 budgets are reduced by 3%, with the resulting funds returned to the state. There are no cuts in financial aid, safety and security, or internal audit.
October 2008: The University is informed that our general fund appropriation for 2008-09 will be permanently reduced by 7% or $10.6 million. This is equivalent to 3% of the University's state (general fund + tuition) budget. Also, the authorized November 2008 2% salary increases previously authorized for academic division employees is deferred until July 2009. Ten million dollars in the equipment trust fund remains frozen (but is released by the Governor on November 10).
October 2008: Governor Timothy M. Kaine announces the official revenue reforecast, and immediately announces an executive spending reduction plan to meet the fiscal year 2009 shortfall. The Governor's plan reduces government spending by making operations more efficient and reducing the scope of some government programs, while protecting K-12 education and other critical government functions, like public safety. The cuts include reductions in the Governor's office and residence budgets.
September 2008: The Governor instructs institutions of higher education to develop plans for budget cuts up to 15% of general fund appropriations in current fiscal year and freezes the 2008-09 Higher Education Equipment Trust Fund (ETF) process. The University instructs schools and departments to develop plans for budget reductions of up to 6.2% of state funded budgets. School and departmental state budgets are funded from a combination of general fund appropriations and tuition. A 15% general fund appropriation equates to a 6.2% reduction on an overall state budget.
May 2008: In conjunction with the University's issuance of $231 million in tax-exempt long-term bonds, all three of the major rating agencies confirmed our AAA-bond rating, maintaining our standing as one of only two public universities (the University of Texas system) to receive this coveted credit rating from all three agencies.
October 2007: The state cuts $9.2 million from the University's 2007-08 state appropriation on a permanent basis (i.e., it will not be restored in the 2008-09 Appropriation Act).