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2006-07 Educational and General Program (E&G) Budget Update

2006-07 Educational and General Program (E&G) Budget Update. John M. Bennett Vice President for Finance VCU Leadership Retreat May 3, 2006. VCU’s financial position is the result of the self-help prescription implemented several years ago. Measured enrollment growth

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2006-07 Educational and General Program (E&G) Budget Update

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  1. 2006-07 Educational and General Program (E&G)Budget Update John M. Bennett Vice President for Finance VCU Leadership Retreat May 3, 2006

  2. VCU’s financial position is the result of the self-help prescription implemented several years ago. • Measured enrollment growth • Increased research awards • Higher levels of private giving • Entrepreneurial initiatives

  3. VCU has accounted for 30 percent of headcount enrollment growth among Virginia students over the past decade.

  4. Research awards have grown significantly.

  5. Since 1990, VCU and private donors contributed 44% of all funding for instructional and research space.

  6. The state budget has not yet been enacted. But -- both House and Senate budgets increase operating support significantly.

  7. Differences in capital outlay are greater.

  8. For undergraduates living on the Monroe Park Campus, total tuition and fee charges will increase 5.3% for residents and 1.6% for nonresidents.

  9. For graduate students on the MCV Campus, tuition and fee charges will increase 7.6% for residents and 1.0% for nonresidents.

  10. Presidential priorities Research Medicine Life Sciences International education Engineering Business Digital arts and media Strategic Plan priorities University College School of Public Health Honors College University Libraries Support for enrollment growth State-mandated cost increases Compensation Fringe benefits Property Insurance eVa fees Capital commitments/unavoidable cost increases Technology upgrades O&M for new facilities Theatre Row Utility price increases New resources should total about $36 million. Within that total, the E&G budget will be defined by 5 spending drivers.

  11. Recent budget trends reflect VCU’s strengthened financial position.

  12. As we look ahead . . . • The post 9/11 recession and its aftermath forced VCU to rely almost entirely on its self-help prescription. • Measured enrollment growth • Increased research awards • Higher levels of private giving • Entrepreneurial initiatives • Recent increases in state general fund support are beginning to recognize enrollment and the gap in base adequacy funding. • VCU’s financial position is therefore stronger than it has been in several years.

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