Board of Visitors minutes January 31, 2003 | ||
A. Business Justification for Program
The University of Virginia was directed by the Governor to reduce its General Fund appropriation for the 2002-2004 Budget Biennium by 16%, followed by another 12% in Fiscal Year 2003 and 14% in Fiscal Year 2004, for a total of $93.5 million as of December 1, 2002. Further, the Governor has warned state agencies that more cuts may be necessary, particularly for 2003-2004. As a result, the University is
8
- 1. Each Vice President was required to develop a plan to meet projected reductions in his or her areas.
- 2. Budgetary units within each Vice President's reporting line underscored that their ability to meet reduced targets may depend on a reduction of personnel, especially at the faculty level.
- 3. The University strongly favors meeting reduction targets through the use of voluntary separations; however, the University reserves the right to pursue involuntary separations in accordance with University and Commonwealth policies in the event that sufficient savings cannot be obtained through this voluntary Separation Program.
Board of Visitors minutes January 31, 2003 | ||