The process of restructuring higher education in Virginia is making progress, according to University sources.
The restructuring aims to change the way the public universities of the Commonwealth, including the University, Virginia Tech and the College of William and Mary, approach funding as state support of public universities continues to dwindle.
In 1985, funding for higher education represented approximately 17 percent of the state's general fund budget; in 2004, state appropriations were just 10 percent of the state general fund budget.
According to the University's Web site, the changes would make the University more autonomous and thus able to make more decisions about the direction of funds and tuition that were previously impossible.
The University will still be public, and the employees of the University will remain employees of the state of Virginia.
The bill has been making progress through the state legislature and has passed in both the House of Delegates and Senate.
The bill now only needs the signature of the governor to complete the law-making process, Wood said.
Wood added that this signature could be outstanding until July 1, the last day the governor could sign the bill. Collette Sheehy, vice president for management and budget said the governor has the power to make amendments to the bill.
She said she hopes for two provisions that would allow the University to wield more power over the use of tuition money before it is spent.
"Instead of depositing the money into a state fund, the University would be free to invest the money and earn interest apart from state influence," Sheehy said.
According to Wood, nothing is official until the governor signs the budget.
"Until then, not much progress can be made in furthering the restructuring of higher education," Wood said. "Even after the governor signs the bill, the changes will not be immediate -- they will come gradually."
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