The University’s Board of Visitors Finance Committee met and approved the budgets for the University’s academic division, medical center and the College at Wise June 2. It also approved a $100 million investment in the Strategic Investment Fund, which provides funding to support key initiatives of the University of Virginia’s 2030 Plan.
The 2022-23 proposed operating budget for the academic division, medical center and the College at Wise totals $4.78 billion.
The academic division will operate with an expenditure proposed at $2.1 billion, a 5.4 percent increase over last year. Major uses include faculty and staff salaries, service expenses and financial aid, while major sources of income are tuition and fees, endowment distributions and external research.
The medical system’s budget is a proposed $2.7 billion, a 10.9 percent increase over the prior year — the largest source of revenue is patient services, while labor, supplies and other expenses make up the largest use of the budget.
The proposed operating expenditure budget for the College at Wise is $71.3 million, a 26.7 percent increase from last year. State appropriations make up the largest portion of the College’s revenue, with faculty and staff salaries and other non-personnel service expenses making up the largest percentage of expenditures.
Additionally, the Board approved financial plans for several capital projects in the Major Capital Projects plan. One of these projects is the Memorial Gym Infrastructure and Accessibility Renewal plan, which includes upgrading deteriorating building systems and extending Memorial Gym’s long history of supporting academic course work and University community activities. This project is set to cost $20.5 million.
Another project that was approved financially was the Physics Building Renewal project, which will cost $7 million. This project aims to renovate the second and third floors of the West end of the building.
Additionally, The Board approved the transfer of real property — including Piedmont Housing and property at 10th Street NW and Wertland Street — to the University of Virginia Foundation as part of the University’s 10-year goal to support the development of 1,000 to 1,500 affordable housing units on land owned by the University or the University of Virginia Foundation. The University of Virginia Foundation supports the University through management of financial and real estate assets on behalf of the University.
C. Evans Poston, Jr., vice chair of the committee, chaired the meeting in Chair Robert Blue’s absence.
The committee’s next meeting is set to occur in September.
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