July 29, 2014

2013 General Assembly Actions on the Budget

On February 23, 2013, the General Assembly adopted amendments to the budget for the 2013-14 fiscal year.  The next step in the process is the Governor’s review and approval or veto.  I do not anticipate any line-item vetoes related to higher education. 

Overall, the actions of the Governor and the General Assembly have resulted in a solid budget for higher education and for the University of Mary Washington.  A couple of key points on the operating budget.  First, permanent salary increases have been approved for faculty and staff.  Faculty will receive a 3% salary increase effective July 25, 2013, while classified staff and wage employees will receive a 2% increase.  In addition, classified employees with five or more years of continuous state service will be eligible for a permanent salary increase equal to $65 for each year of eligible service up to thirty years. 

Second, additional general funds totaling $288,000 have been recommended to help fund base operating support costs and other institutional priorities. 

Third, general fund support through the Higher Education Equipment Trust Fund (HEETF) remains steady next year at $529,000. 

Finally, new state funding of $76,000 for need-based student financial aid for Virginia students has been recommended, bringing total general fund support for this program to $2,572,000. 

In the capital budget, funding for maintenance reserve projects is held constant at $563,000.  In addition, UMW is authorized to move forward on the renovation projects for Woodard and Mercer Halls, which will house the College of Business and the Department of Psychology, respectively. 

For your reference, attached is a side-by-side comparison of actions of the Governor, House, Senate and Conference Committee on the budget. 

Please let me know if you have any questions about the General Assembly’s budget actions.  I will communicate any additional information on the budget as it becomes available. 

Richard R. Pearce

VP for Administration & Finance and CFO

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