Excerpts from Conference Report for HB 1600
February 28, 2009
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· Reflects the revised general fund revenue forecast presented by the Governor on February 16, 2009, that reduces revenues by an additional $821.5 million for the biennium.
- This reduction is in addition to the $2.9 billion reduction assumed in the budget as introduced, bringing the total downward revenue revision to $3.7 billion.
· Reflects the appropriation of $984.0 million in anticipated "flexible spending" fiscal stimulus dollars designated for education. These funds allow the restoration of $365.2 million in FY 2010 for public education, and $126.7 million for higher education, and a like amount in FY 2011.
· Uses $218.0 million in "flexible spending" fiscal stimulus dollars to offset one­ time general fund spending items and help create an unappropriated balance of $159.4 million.
Higher Education
· Provides $126.7 million of federal funds from the American Recovery and Reinvestment Act of 2009 to offset FY 2010 reductions.
· Funds are expected to mitigate the need for tuition and fee increases on in­state students.
· Includes $10.0 million GF for a system­wide 8.5 percent increase in student financial aid.
· Restores $4.0 million GF for the Eminent Scholars program.
· Provides $8.3 million for interest earnings on nongeneral fund balances as part of restructuring incentives.
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The table below summarizes key recommendations for each institution ARRA Allocations $ 3,492,779 3,815,722 10,912,431 7,301,608 3,169,668 2,387,643 4,230,688 12,787,803 5,482,461 10,722,655 1,618,522 20,541,737 1,242,513 1,305,733 17,322,599 343,420 19,406,739 660,246 Financial Aid $ 150,960 109,335 1,254,933 261,644 192,953 56,489 635,582 1,362,671 247,817 196,094 67,787 1,735,698 28,870 481,376 510,293 22,675 2,684,823 Inst CNU CWM GMU JMU LU UMW NSU ODU RU UVA UVAW VCU VMI VSU VT RBC VCCS VIMS Interest Earnings $ 126,744,967 $ 10,000,000 All Inst. Other Funding $ 125,000 300,000 240,442 500,000 2,099,838 1,132,304 1,000,000 271,932 8,280,645 $ 13,650,161 Total Funding $ 3,768,739 3,925,057 12,467,364 7,563,252 3,603,063 2,444,132 5,366,270 16,250,312 5,730,278 12,051,053 1,686,309 22,277,435 1,271,383 2,787,109 17,832,892 366,095 22,363,494 660,246 8,280,645 $ 150,395,128