The Finance Committee approved the operation of the university. budget At Friday’s meeting, the commission presented its proposed 2024-25 budget and revised plans for major capital projects for fiscal year 2024. The commission also briefly discussed anticipated diversity, equity and inclusion-related spending for the coming fiscal year.
The committee unanimously approved the university’s total operating budget for the coming fiscal year, totaling about $5.8 billion, or 7.14 percent of the previous fiscal year. increase This represents a 6.8% increase from the previous fiscal year’s budget of approximately $5.4 billion.Within this total budget, the committee approved allocations for three separate categories – academic divisions, the University Medical Center and Wise College – which received $2.4 billion, $3.28 billion and $75.5 million, respectively.The approved budget for the academic divisions represents a 6.8% increase from the previous fiscal year’s budget of $2.3 billion, while the budgets for the Medical Center and Wise College also increased by 8.3% and 5.1%, respectively.
The university is in a strong financial position overall, according to Jennifer “JJ” Wagner Davis, vice president and chief operating officer. Davis said the university is one of only four in the country to maintain a AAA bond rating, which she said is an indication of an institution’s ability to repay its debt. Repay The company’s debt offering and overall financial condition have been rated by all three major credit rating agencies.
“The company remains in a very strong financial position,” Davis said. [the AAA bond rating] lightly.”
Davis also said high student demand and stable enrollment are signs the university is in a strong financial position, and that the university’s endowment has played a major role in lowering tuition for students. Without the endowment, Davis said, base tuition for in-state students would have to increase by about 41 percent.
During the budget discussion, board member Douglas D. Wetmore asked Davis what the DEI budget for the coming fiscal year was, referencing the “public debate” over the university’s DEI spending that began after the nonprofit organization OpenTheBooks released a report. Assert The university currently has 235 DEI-related employees on its payroll, with total DEI spending reaching $20 million.
According to Davis, the DEI budget for next fiscal year is $7.486 million. What’s Included Funding for the Office of Equal Opportunity and Civil Rights, which handles discrimination complaints and conducts advocacy and education activities to ensure equal opportunity and protect civil rights. WebsiteDavis also said the caseload within the office has been increasing, which prompted discussions during the budget process and led to an increase in this budget line item in this year’s operating budget.
“[The growing caseload] There were significant discussions throughout the budget process. [EOCR regulations] It’s going to be a huge problem,” Davis said.
In addition to approving the operating budget, the committee approved a financial plan for the university’s major capital plan. include A major construction or renovation project underway at the university revision Projects are added or removed annually by the board’s Buildings and Grounds Committee.
The largest of these projects were the Darden Student Housing Project and the Focused Ultrasound Expansion. The Darden Student Housing Project will create living space for students enrolled in the Darden School of Business’ MBA program, with a total budget of $155 million, Davis said.
Davis also said $16.5 million will go toward a focused ultrasound expansion, where the university hopes to expand its use of focused ultrasound technology at the University of Virginia Health Center. The technology is handle According to the University of Virginia Health, it can lead to a variety of diseases, including epilepsy and prostate cancer.
The finance committee is scheduled to reconvene at the board’s September meeting.
