The University's Board of Visitors recently approved an operating budget of $2.2 billion for the 2008-09 fiscal year, a 5.4-percent increase from last year's budget.
The operational budget includes three components: the academic division, the University Medical Center and the College at Wise. The largest portion of the budget, about $1.2 billion, will be allocated to the academic division, while the Medical Center will receive about $980 million and the College at Wise will receive $34.1 million, Board secretary Alexander Gilliam noted.
This year's budget increase was driven by inflation and the increased cost of living, Gilliam said, adding that "academic growth is driven by the high cost of salaries [as well as] the continued implementation of high-priority initiatives."
Gilliam cited both AccessUVa financial aid funding and the ongoing replacement of the Integrated Student Information System as examples of such ongoing initiatives.
-- compiled by Shea Connelly
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