The State Council of Higher Education for Virginia is poised to recommend a $366.3 million funding request for colleges and universities in the next two-year budget, including an additional boost in faculty salaries to help attract and retain talent.
The request, which the council will consider on Tuesday morning, is driven by $171.5 million for proposed faculty pay increases — split between the state general fund and tuition — a year after the state paid its share of a 3 percent raise given to higher education employees in the current two-year budget.
It also includes $66 million in additional financial aid, primarily for students who otherwise could not afford to attend college; $44 million to help four institutions that are operating with less funds than they need for basic services; and $26 million for building maintenance the state hasn’t helped fund for six years.
