The Finance Committee of the Board of Visitors met Friday to review the operating budget for the 2017-18 school year. The Board approved the $3.427 billion budget at the meeting.
The total budget for the 2017-18 year is a 5.0 percent increase from the forecasted 2016-17 budget totaling $3.265 billion. This number comprises the budget for the Academic Division, Medical Center and the College at Wise. $1.713 billion is allocated to the Academic Division, $1.671 billion to the Medical Center and $42.2 million to the College at Wise.
The Academic Division’s budget represents a 2.7 percent increase in spending from the previous year. Of this budget, the largest portion of it will be provided by “Tuition & Fees,” according to the presentation shown at the meeting. Tuition and fees makes up over $560 million of the Academic Division’s budget, including a tuition increase that the Board recently approved.
More than $350 million is from externally sponsored research, and more than $300 million comes from “Sales, Services, & Other,” according to the presentation. The rest of the division’s budget comes from state appropriations, endowment distribution and expendable gifts.
The Board also discussed the new faculty hiring for the next year. 52 faculty departures are expected from the undergraduate schools, but 75 faculty members are expected to be hired as replacement. This was part of five-year plan from the Board to hire 80 new faculty members in anticipation of 60 departures, mostly due to retirement.
The Board also approved an academic affiliation with the Inova Health Systems Foundation. The proposal established a regional campus, known as the U.Va. School of Medicine — Inova Campus, at the Inova campus in Fairfax County, Virginia.
The proposal allows students at the School of Medicine to complete their Clerkship or Post-Clerkship rotations at the facility. There would be space for 36 students in their Clerkship and 36 in their Post-Clerkship for a total of 72 University students there at one time.
“The Regional Campus will provide the medical students who choose to go there with the opportunity to learn in an environment with a denser population,” the committee’s agenda stated.
According to the agenda, the Inova campus will also be able to accommodate more students than the University’s capacity currently allows.
The University expects to send its first group of students to the Regional Campus in March 2021.
The Finance and Buildings & Grounds committees also had a joint meeting Friday. The Board discussed and approved the 2017 Multi-Year Capital Plan — an annually updated, long-term plan for projects the University wants to carry out.
Four projects have been added to the plan since it was last reviewed in March 2017. According to the committee’s agenda, these plans include “Squash Facility Expansion,” “Football Operations Center,” “Pavilion VIII Renovation” and “Darden Academic Building Addition and Facility Renovation.”
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