University analyzes state budget
Erica Terrini
News Editor
In response to the General Assembly’s adjournment last week, VCU President Michael Rao issued an e-mail to students stating the university is analyzing the impacts of the state budget.
Rao stated a preliminary summary that reviews the budget’s impact has been published and has been made available for students’ review.
“The state’s ongoing fiscal challenges forced the Governor and the General Assembly to wrestle with a budget shortfall of about $4.2 billion and to make painful reductions in a host of state programs and high priority commitments,” Rao stated.
According to the Rao, VCU will face “the expiration of $23.2 million in federal stimulus funding, along with a reduction of $19.2 million in state support” in fiscal year 2012.
The summary includes details on the budget’s impacts to employee compensation, the operating budget and capital outlay (building projects and maintenance).
The Board of Visitors will make decisions on how to cope with the $42.3 million loss this spring. The state budget has been sent to Gov. Bob McDonnell for review.
Rao stated that VCU “will continue to analyze the General Assembly budget bill and prepare for the difficult choices that face the University.”
The state budget’s impacts on VCU are available at http://www.finance.vcu.edu/pdfs/Preliminary_Analysis_of_the_Impact_of_the_Final_State_Budget_on_VCU_031510.pdf.
