Budget Update and What is Next
Dear VCU and VCUHS Community,
On May 13, the VCU Board of Visitors unanimously approved a three-percent tuition increase for the upcoming academic year. This is our first undergraduate tuition increase in three years, a remarkable testament to our goal of keeping VCU affordable and accessible.
The board also voted unanimously to increase mandatory student fees 4.7 percent. VCU’s mandatory fees remain among the lowest for Virginia colleges and universities.
VCU, like other Virginia universities, increased tuition and fees after much discussion about the university’s budget. We refuse to place the entire burden of our budget on students and their families.
For instance, with this increase VCU still faces a budget deficit of $13 to $24 million next year depending on the level of our support from the commonwealth. Because we decided not to seek a higher tuition increase to address this deficit, we must make difficult decisions about our budget this summer.
More details about how we will cut our budget will be ready once our funding levels are finalized at the VCU Board of Visitors meeting on June 24.
We are committed to putting students first, which means our top budget priority is providing an exceptional educational experience and continuing to grow our impact as a research-intensive university. To do that, we must invest in our academic enterprise; compensation that attracts and retains the best and most committed faculty and staff; modern, top-level research and educational facilities and infrastructure; and financial assistance for our students and needed student support services.
VCU is one of Virginia’s top three research universities and we must provide the highest quality, and highest value, educational experience to our students.
I am grateful to the entire community for its support of our important mission. Your contributions are an important part of what makes VCU a vital resource to Virginia.
Sincerely,
Michael Rao
President, VCU and VCU Health System