Finance OKs $1.97B budget
The Board of Visitors’ Finance Committee approved the 2006-2007 University budget on May 16. Overall, University spending will be up 6.7 percent to $1.97 billion. Academic Division spending will increase 6 percent to $1.07 billion; Medical Center spending will rise 7.4 percent to $866 million; and U.Va.-Wise will see an 11.7 percent bump to $30.4 million. The budget must be approved by the full board at its June meeting, and will take effect July 1, the beginning of the University’s fiscal year.
felt secure about their numbers, despite “the big question
System patient revenue is the
largest source of University income,
accounting for 44.1 percent of the University’s
proected total income in 2006-
Sandridge said that he expects Gov. Tim Kaine to sign the 2005 Higher Education Restructuring Act in the coming days. [Kaine signed the bill on May 19.] To be implemented on July 1, the plan will provide new institutional flexibility. Sandridge predicted that U.Va. would look back on 2006 as an historic year that started a new era here. [Inside UVA will report on the Restructuring Act in its June 16 issue.]
The new budget fully funds the four priorities set by the board: deferred maintenance; the Access UVA financial aid program; competitive compensation; and research enhancement. For the second year of a 10-year plan, spending on deferred infrastructure maintenance will rise to $3 million, double last year’s level. AccessUVa funding will be $16.2 million, up $3.2 million from last year, and only about $4 million shy of the projected full implementation cost of $20 million.
2002, the board set a five-year goal of raising the average faculty
into the top 20 among the 61 peer institutions
of the American Association of Universities.
U.Va.’s steady rise in the rankings,
from 30th in 2002-2003 to 23rd in 2004-2005, will continue in
the coming year,
when the ranking will rise to 22nd with the
new budget of $8.9 million for faculty salary
supplements, up $1.8 million from last
year. The gap between U.Va.’s average faculty
salary and the average at the 19th ranked
institution, will be cut in half, from
$2,900 this year to within $1,400 next year,
thanks to a 1 percent increase in faculty
salaries on top of the expected 4 percent
increase from the state. Also, the board
approved $250,000 for classified staff inband
An additional $6 million is budgeted for the hiring of the second and third of 10 national academies-level researchers, to be hired by the University during a five-year plan. The first scientist, electrical engineer Joe C. Campbell, was hired in June 2005. The board also increased the base operating budget for the Virginia Quarterly Review by $117,000. VQR shook up the magazine world with a David-versus-Goliath win of two national “Ellie” magazine awards on May 9.
NEW DIVERSITY COMMUNICATIONS PLAN
William Harvey, vice president and chief officer for diversity and equity, unveiled a new diversity communications strategy that includes two new programs. Beginning this Nov. 2-4, the University will host an annual “Symposium on Race and Society.” The inaugural symposium will explore:“In Katrina’s Wake: Racial Implications of the New Orleans Disaster.”
Possible future topics include national health disparities and the achievement gap. U.Va. will also sponsor a first-of-its-kind annual national survey of high school students on “how the world looks” regarding issues of diversity and opportunity.
Recognizing the success of the studentsponsored“ De-Stereotype Day” that drew more than 1,000 participants on April 26, Harvey hopes to make it an annual event, remaining student-sponsored.
CAPITAL CAMPAIGN ON TRACK
Capital Campaign “is
continuing to show very positive momentum,” said campaign
chairman Gordon Rainey, explaining
that unofficial commitments totaled $930
million at the end of April. The commitments
officially “on the books” as of April 30
totaled $879.9 million, or 29.3 percent of
the $3 billion campaign goal, which Robert
Sweeney, senior vice president for evelopment
Reaching the target of $1 billion by the official kickoff on Sept. 30, 2006, will require raising $14.2 million per month, which is less than recent monthly yields, Rainey said.
UVIMCO GETS BIG RETURNS ON ENDOWMENT
the fiscal year to date, from July 1, 2005, to April 30, 2006,
have produced an outstanding 17.1
percent annual return rate, Sandridge
noted. But such enviable performance is
nothing new for the University of Virginia
Investment Management Co. (UVIMCO),
which has averaged a 16.7 percent annual
return over the three years prior to April 30,
2006 by the Rector and Visitors