Thursday, Nov. 3, 2016
To the VCU Community,
The governor’s office has informed us that because of ongoing revenue gaps in the state budget, VCU is being asked to plan for reductions in state support for fiscal years 2017 and 2018 that total over $21 million.
Specifically, VCU is being asked to cut more than $3.2 million from our current state general fund support as well as additional cuts related to VRS payments, credit card rebates and interest on tuition and fees that add up to a reduction of more than $4 million in fiscal year 2016-2017. We also must plan for significant cuts to next year’s 2017-2018 budget – a 7.5 percent general fund reduction plus the additional cuts to other revenue sources that will total about $17.5 million.
This is disappointing news. We have worked very hard as a university community to align our resources to advance our strategic goals for academic quality and student success despite the ups and downs of state support that make long-term strategic planning extremely difficult. We will once again confront the significant cuts in the context of protecting our academic mission, with particular emphasis on student financial assistance and minimizing the impact on tuition and fees.
My executive team, led by Karol Gray, vice president for finance and budget, and Provost Gail Hackett, will work with the budget committee, president’s cabinet, deans and many more of you across VCU to address the cuts.
In the meantime, the governor will include the final reduction levels in his introduced budget in mid-December. Reductions in next year’s 2017-2018 budget are subject to change based on the review and approval of the General Assembly.
We will keep you informed as the university and state budget processes progress.
Michael Rao, Ph.D.
President, VCU and the VCU Health System