Presentation on theme: "SENATE OF VIRGINIA Senate Finance Committee Education Subcommittee June 7, 2007 Overview of Undergraduate In-State Tuition and Fees April Kees."— Presentation transcript:
SENATE OF VIRGINIA Senate Finance Committee Education Subcommittee June 7, 2007 Overview of Undergraduate In-State Tuition and Fees April Kees
SENATE FINANCE COMMITTEE Session Budget Actions l The House budget included a Tuition Moderation Incentive Fund and removed the $15.3 million GF included in the Governor’s proposed budget for base adequacy funding in FY — The fund contained $34 million GF for higher education institutions if they increased in-state undergraduate tuition and E&G fees by no more than 2.25 percent above the amount needed for approved salary increases (on average around 5 percent). — The funding would only be available if revenue estimates were sufficient (part of a revenue reserve). l The Senate budget incorporated the $15.3 million GF that was included in the Governor’s proposed budget in FY 2008 for base adequacy funding.
SENATE FINANCE COMMITTEE Session Budget Actions (continued) l The Conference report contained $7.2 million GF for a Tuition Incentive Fund and $14.8 million GF for base adequacy funding in FY — The fund provided support of a stated amount to institutions that limited increases to in-state undergraduate tuition and mandatory E&G fees to not more than six percent. l The final budget incorporated language from the Governor that allowed institutions to exceed the six percent if the amount was not higher than reported in the six-year plan and was used for in-state undergraduate student financial aid.
SENATE FINANCE COMMITTEE 4 In-state Undergraduate Tuition and Mandatory E&G Fees Institution % Increase6-year plan GMU$4,752$5,0356.0%5.5% ODU$3,832$4,0425.5%8.0% UVA$6,282$6,8218.6%9.9% VCU$4,270$4,5256.0%6.5% VT$5,813$6,1606.0%7.7% CWM$5,265$5,6377.1% CNU$3,818$4,0466.0%4.0% UVA-Wise$3,312$3,4855.2%9.0% Source: SCHEV survey – May 2007
SENATE FINANCE COMMITTEE 6 Conclusion l Four institutions exceeded the six percent increase. — University of Virginia, — College of William and Mary, — Longwood, and — Radford. l All four were at or below the amount listed in their six- year plan. l All four report that the amount above six percent will be dedicated to undergraduate student financial aid. l All institutions appear to have met the requirements of the Tuition Incentive Fund.