BOARD APPROVES OPERATING BUDGET
Old Dominion University's Board of Visitors approved a $251.7 million budget for 2002-03 at its meeting Friday, June 14.
The adopted budget reflects the $6.2 million reduction in general fund appropriations from the Virginia General Assembly. Despite the reduction in general funds, the proposed budget includes additional funds allocated for instructional and academic support purposes over the current 2001-2002 budget.
The university's Auxiliary Services budget also will see an increase over last year, primarily to cover debt service on the University Village project and the initiation of operations for the Constant Convocation Center, which is slated to open this fall.
According to Bob Fenning, vice president for administration and finance, this budget reflects the university's priorities of protecting instruction and direct services to students, while streamlining where possible. He noted that universities across the commonwealth have faced similar challenges. "Times are tough," he told the board. "But we figure out what we need to do, and we move ahead."
The state recently lifted a tuition freeze begun in 1995 to help institutions offset the loss of funds previously allocated by the state. Old Dominion's tuition and fees for in-state undergraduates were raised 6.2 percent, less than at most state colleges and universities.
With more than 6,300 applications from first-time freshmen, the university expects its largest first-year class in more than a decade. In fact, more than 3,200 first-year and transfer students likely will be on the Norfolk campus in the fall.
"It appears we will have more students and less state funding next year," explained Fenning. "We've tried to minimize the impact on students by making cuts in administrative areas so we can sustain our support for academic programs and services."
This article was posted on: June 17, 2002
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