Board of Visitors approves university budget for next fiscal year
June 6, 2016
The Virginia Tech Board of Visitors approved a $1.47 billion university budget for the next fiscal year (July 1, 2016, to June 30, 2017) at its meeting on campus in Blacksburg.
Next year’s budget represents a $41.6 million increase over the current year. The growth in the budget reflects changes in nongeneral fund revenues for 2016-17 and actions of the 2016 General Assembly sessions that will impact the 2016-17 General Fund appropriation. The overall change includes an increase of $31.1 million attributable to the educational and general program and $4.8 million of projected growth in auxiliary enterprises.
It is projected that the state share (General Fund) of the total university budget will be 18.1 percent.
The budget includes a 3 percent merit-based salary program for faculty and staff. The program is contingent upon the state's achievement of projected revenue for the current fiscal year.
In other action, board members approved a resolution for planning renovations for undergraduate science laboratories. The action authorizes the university to budget $600,000 to plan for the construction of new labs and renovate existing lab spaces in Derring and Hahn North halls.
The board began its open session on Monday afternoon with a moment of silence dedicated to T. Marshall Hahn, president emeritus of Virginia Tech.
At the Academic Affairs Committee meeting, Executive Vice President and Provost Thanassis Rikakis discussed the defining characteristics of the VT-shaped student. Those characteristics include solid disciplinary preparation and interdisciplinary collaboration (the T-shaped student) combined with technological expertise, experiential learning, an infusion of Ut Prosim (That I May Serve), and formal and informal learning (the V in the VT-shaped student). Virginia Tech, Rikakis explained, will support these students through the development of Destination Areas and collaborations and partnerships with faculty, alumni, industry, and the broader community.
The Building and Grounds Committee received design previews of the Corps of Cadets Leadership and Military Science Building.
During the full board meeting, members recognized Debbie Petrine for her service as rector with a standing ovation. Board members unanimously elected James L. Chapman IV to serve as rector, Dennis H. Treacy to service as vice rector, and Kim O'Rourke as board secretary next year.
Outgoing student representatives Morgan Sykes, the undergraduate student representative, and Mohammed S. Seyam, the graduate student representative, and staff representative Walter D. “Dan” Cook III and faculty representative Rami A. Dalloul were also recognized for their service to the board.
Early Sunday afternoon, board members received updates on and toured the Virginia Tech Carilion School of Medicine and Research Institute in Roanoke. Later in the day, board members returned to Blacksburg and received reports on the Virginia Tech’s engagement in the commonwealth, study abroad, the Integrated Pest Management Innovation Lab, and the USAID Integrated Pest Management Program.
Jason Soileau, assistant vice president of university planning, closed the afternoon information session with an overview of the campus master plan process.
The board also approved faculty promotion, tenure, and continued appointments for 2016. The complete list of those individuals will be published June 7 in Virginia Tech News.
Seven faculty members were honored with emeritus status; 12 were appointed to endowed fellowships, professorships, or chairs; and eight were reappointed to endowed fellowships, professorships, or chairs. Individual stories on those honored will be published in Virginia Tech News beginning this week.
The next full Virginia Tech Board of Visitors meeting will be held Aug. 28-29 in Blacksburg. More information on the Virginia Tech Board of Visitors may be found online.