The 2009 Executive Budget Document
Higher Education Tuition Moderation Incentive FundMission Statement
|General Fund||Nongeneral Fund||Positions|
|2009 Base Budget||$ 17,500,000||$ 0||0.00|
|2009 Addenda||$ (6,275,000)||$ 0||0.00|
|2009 Total||$ 11,225,000||$ 0||0.00|
|2010 Base Budget||$ 17,500,000||$ 0||0.00|
|2010 Addenda||$ (17,500,000)||$ 0||0.00|
|2010 Total||$ 0||$ 0||0.00|
Recommended Operating Budget Addenda
Transfer support from the Tuition Moderation Incentive Fund to FY 2009 eligible participants for FY 2010This adjustment transfers approximately $5.0 million listed in Chapter 879, 2008 Acts of Assembly, to eligible institutions. A companion amendment reverts the balance of $12.6 million to the general fund. The combination of these two actions eliminates support for the Tuition Moderation Fund as approved by the 2008 General Assembly. For 2010, a decrease of $5.0 million (GF).
Capture FY 2009 Tuition Moderation Incentive Fund SavingsCapture 50 percent of the undistributed amount from non-participating higher education institutions per Chapter 879, 2008 Acts of Assembly for the general fund. For 2009, a decrease of $6.3 million (GF).
Implement targeted reductionsImplements targeted reductions for 2009 and 2010 included in Governor Kaine's 2008-2010 Budget Reduction Plan. Reduction details can be found in Part D of this document. For 2010, a decrease of $12.6 million (GF).
Budget Reduction Strategies
December Reduction Strategies
Eliminate the Tuition Moderation Incentive Fund
This adjustment reverts approximately $12.6 million of the amount listed in Chapter 879, 2008 Acts of Assembly to the general fund. The remainder of the funds, approximately $5.0 million, is transferred via companion amendments to FY 2009 eligible institutions. The combination of the reversion and transfer eliminates support for the Tuition Moderation Fund as approved by the 2008 General Assembly. Elimination is proposed since the number of students benefiting from this fund was minimal.
FY 2009 FY 2010 General Fund Savings $ 0 $ (12,550,000)