Tuesday, June 5, 2012

Tech's New Budget a Third Less Than a Decade Ago

Capital projects get support at Virginia Tech.
At its quarterly meeting held yesterday in Blacksburg, the Virginia Tech Board of Visitors approved resolutions to set the 2012-13 university budget and to establish a new Bachelor of Arts degree program in religion and culture.

In the coming fiscal year, Virginia Tech will adopt an approximately $1.21 billion budget to carry out all of its programs.  This is 3.9 percent greater than the current year budget. Even with state reinvestment in higher education, total state support per Virginia student for 2012-13 is projected to be an estimated 33 percent below the funding of a decade ago.

For the 2012-13 budget, the state has increased the university’s direct General Fund appropriation $7.48 million, although much of this funding is restricted and unavailable for the educational enterprise. The $7.48 million includes $6.53 million for the university’s Educational and General program and $950,000 for Agency 229.

Virginia Tech also expects to receive Central Appropriation fund transfers during the fiscal year to support the state share of state assigned costs such as fringe benefit rate changes.  These amounts include both reinvestment of state support in higher education as well as adjustments and allocations to specific university programs which come with associated costs.

Included in next year’s budget are funds to support the preliminary design of several university capital projects, including the construction of a new classroom building to be located at Perry Street and West Campus Drive in the Derring Hall parking lot, the construction of a new propulsion laboratory for the College of Engineering to be sited in near the Corporate Research Park, and rehabilitation of several academic buildings within the Agriculture Quad.

(Photo: virginiatech.tumblr.com)

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