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Higher-ed agency wants $363.5 million
Updated: Tuesday, 25 Oct 2011, 2:51 PM EDT
Published : Tuesday, 25 Oct 2011, 2:50 PM EDT
RICHMOND, Va. (AP) - Virginia's higher-education agency is recommending that the state spend $363.5 million over the next budget cycle to fund the operations of its public colleges and universities as they phase in the Virginia Higher Education Opportunity Act .
The State Council of Higher Education for Virginia also said Tuesday that the state would need $164.1 million in non-general fund revenue over the 2012-14 biennium, in the form of tuition increases of 3 percent to 5 percent annually.
The money is to support the new effort to increase enrollment, degree attainment and the pursuit of science and health-related fields.
The overall recommendation includes $64.6 million in student financial aid and $48.6 million for 2 percent faculty salary increases.
SCHEV will forward its recommendations to Gov. Bob McDonnell and the General Assembly.
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