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Will
generate $6.6 million to help offset budget cuts November 6, 2002-- University of Virginia students will pay an additional $385 next semester to help cover $16 million in new state budget cuts, U.Va. President John T. Casteen III announced at a budget briefing today. “We are trying to prevent severe short-and long-term damage to the University’s core academic programs and to meet our obligations to enrolled students,” he said. The surcharge, which will apply to all students, including U.Va.’s Darden, Law and Medical schools, will generate $6.6 million in revenue. “We are committed to meeting the financial need that the surcharge may create for undergraduates and graduate students,” Casteen said, “and so we have allocated about $725,000 to financial aid.” $5.9 million will be used to protect core academic programs. In the current fiscal year, cuts to the University’s general fund (tax) appropriation now total $41.9 million. Tuition increases effective this fall, which produced $12.1 million, combined with the new surcharge, will offset $18 million of those cuts. Including the surcharge, Virginia undergraduates will pay $4,980 in tuition and required fees this year. The total for out-of-state students will be $20,190. Leonard W. Sandridge, U.Va.’s executive vice president and chief operating officer, noted that no one expects the state budget problems to be short-lived, so careful planning for the future is essential. “We are looking hard at the way we do business, both to be even more efficient and to reduce our dependence on state funds,” he said. The
University already has acted to reduce its operating costs by $23.9
million this year, with specific reduction plans for all schools
and other units currently undergoing review and The
University’s Board of Visitors approved a tuition surcharge
in concept last month, with an accompanying requirement that any
financial need it created be met. Rector John P. Ackerly III and
William H. Goodwin Jr., chair of the finance committee, approved
the administration’s specific proposal after the state announced
further budget cuts in mid-October. Contact: Louise Dudley, (434) 924-1400 |
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FOR
ADDITIONAL INFORMATION: Contact the Office
of University Relations at (434) 924-7116. Television reporters
should contact the TV News Office at (434) 924-7550. |
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Top News site edited by Dan
Heuchert (dnh6n@virginia.edu); maintained by
Karen Asher
(kac@virginia.edu); releases posted by Sally
Barbour (sab4w@virginia.edu). |
