At this afternoon’s UVA Faculty Senate, President John Casteen asserted that the University is “on track” to meet all the financial obligations without the use of layoffs. He gave a review of what the University is doing to cope with the tough economic times.
Due to Gov. Kaine’s budget cuts made last December, UVA’s state funding will be reduced by $23 million over the next two years: $12.4 million for 2009-2010 in addition to earlier cuts of $10.6 million, for 2008-2009.
Casteen said today that the University will be making changes to its non-faculty vacancies. Hires will be made from the internal talent pool, he said. This decision will help to keep local the money that would have gone toward large national searches.
In addition, the University is deferring state-funded projects, but is going full speed on projects that are funded with private money. As for fundraising efforts, although Casteen called the capital campaign “very successful,” he stressed the need to find other sources of revenue to fund academic functions. “The purpose is to protect the academic enterprise,” he said.
Last but not least, unfortunately for students, tuition will rise 9 to 10 percent the next academic year.