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FY 2021 Budget Update

Friday, June 5, 2020

Dear VCU community,

This morning, the VCU Board of Visitors approved a budget plan for FY 2021.

This university budget plan has been specifically developed in response to the fiscal uncertainties that have resulted and will continue to result from the COVID-19 pandemic.

Budget reductions planned for FY 2021 include hiring and salary freezes and strategic and selective reductions determined on a department-by-department basis.

On May 8, the Board of Visitors voted to freeze undergraduate and graduate tuition for the 2020-21 academic year for both in-state and out-of-state students with a modest increase in mandatory fees, about $56 per semester, necessitated by student-service-related expenses, contractual costs and health benefits.

We are committed to protecting jobs as much as possible. Employee furloughs are not being considered at this time because we do not know if they are needed. The use of furloughs is dependent on a decline of revenues, including enrollment and state and federal funds. A review of state revenues by Virginia lawmakers, expected to come later this summer or early fall, may require the Board of Visitors to revisit the university budget later this year.

More detailed information on the VCU budget is available here and we will continue to update you on the budget as additional information becomes available.

Sincerely,

Karol Kain Gray
Senior Vice President and Chief Financial Officer
Virginia Commonwealth University