Menu

Key Issues

« Back to key issues

2015-16 Budget Approved

Friday, May 8, 2015

To the University Community,

The VCU Board of Visitors today approved a budget plan for the upcoming 2015-16 academic year that reflects our Quest for Distinction strategic plan priorities of retaining and attracting talented and diverse students, faculty and staff.

The new budget plan addresses the need to improve compensation so that VCU is more competitive among our Quest peers and our Virginia Tier 3 peers, particularly related to teaching and faculty salaries.

It bears repeating that teaching and research (T&R) faculty are central to the mission and achievements of VCU as a top urban, public research university.

Under the approved budget, VCU will add 2.5 percent in additional compensation to the 2 percent salary increase included in the state budget to create a 4.5 percent, performance-based pool to be used to increase T&R faculty compensation.  It should be noted that the 2.5 percent in additional compensation has been funded by units across the university who reallocated existing budget for the salary increases.

Staff and administrative and professional faculty also will be receiving salary increases.  Eligible classified staff will receive a 2 percent salary increase and those with five or more years of continuous state service will receive $65-per-year-of-service compression increase.  A 2 percent performance-based pool will be created for the administrative and professional faculty increase.  The much-deserved raises will be effective August 10.

The 2015-16 budget plan also supports important initiatives under Quest to continue the significant progress we have made together over the past three years as we implemented the strategic plan.  Everyone in the university community should take pride in our increased student retention and graduation rates, our national recognition for closing the graduation gap for minority students, our large growth in interdisciplinary and collaborative research, and our growth in full-time faculty. 

VCU has joined the ranks of major public research institutions, but with a unique dedication to student success.

However, we have more to do in the next phase of Quest to enhance academic quality and student success.  Revenues from a modest tuition and mandatory fees increase – about 3 percent – will help to fund additional financial support for students, innovative academic programs and campus safety.  Revenues also will address Title IX, deferred facility maintenance and human resources infrastructure needs.  Details of the FY 2016 budget plan are available at www.budgetupdate.vcu.edu and www.mytuition.vcu.edu.

Our Quest is ambitious and aspirational.  Working together we will realize the vision of being the national leader among urban public research universities noted for the quality of our teaching and learning, high impact research, diversity and accessibility and real benefit to the people of Virginia and beyond. 

Thank you for a successful 2014-15 academic year and everything you do to make VCU a great university.

Sincerely,

Michael Rao
President, VCU and the VCU Health System