The board also approved a resolution to allow the university to acquire 5.33 acres of land to support future research needs of the Virginia Tech Transportation Institute and Institute for Critical Technology and Applied Sciences
Phase I is projected to increase on campus residential capacity from 10,500 to 11,120 students within the next five years. In November, the board approved the Student Life Village Master Plan that identifies a potential path to increase residential capacity on the Blacksburg campus in three distinct phases over several years as needed. Hancock will transition to a standalone building with a new building envelope on its east side.Ī $19.5 million planning authorization to complete designs through preliminary drawings for Phase I of the Student Life Village also was approved by the board. Hancock is currently connected to Randolph, and a portion of the building will be exposed because of the demolition of Randolph. Because its age and size no longer support the teaching and research needs of the College of Engineering, Randolph will be razed to make room for the construction of Mitchell Hall. At Monday’s information session, the Virginia Tech Advantage Steering Committee co-chairs Matt Holt and Menah Pratt led a discussion focused on financial strategies and aspects of the student experience that support access for both Pell-eligible and non Pell-elibigle students.īoard members approved a resolution to authorize the demolition of Randolph Hall and part of Hancock Hall. The new budget also will include significant increases in student financial aid, consistent with the university’s and the board’s commitment to the Virginia Tech Advantage initiative. The primary objective is to elevate individuals currently receiving the lowest level of compensation. Successful recruitment and retention of high-quality graduate students requires the university to offer competitive compensation packages. Graduate assistants will continue to receive tuition remission, and the university will pay 88 percent of the annual premium cost of the basic health insurance plan. Next year’s university budget will include a 5 percent merit and distinction compensation program for teaching/research faculty and administrative/professional faculty, a 5 percent university staff merit compensation program, a 5 percent classified staff compensation program, and a 5 percent stipend increase for graduate assistantships.īecause graduate assistants provide a valuable service to the university and contribute significantly to the advancement of the university’s strategic vision, the 2023-24 graduate assistant compensation plan approved by the board will raise the minimum stipend to $2,420 per month, or to what is the 12th step on the current pay scale, and is consistent with the top recommendation of the Graduate Student Assistantship Support Task Force made earlier this year.
In total, approximately 19 percent of the overall university budget is funded by state support. The Education and General portion of the budget, which includes the University Division and Virginia Cooperative Extension, totals $1.11 billion, a 5.8 percent increase from a year before. The 2023-24 operating budget will be the largest in the university’s history and the first time it will exceed $2 billion. The Virginia Tech Board of Visitors approved a $2.06 billion university budget for the 2023-24 fiscal year that runs July 1, 2023, to June 30, 2024, at its June 6 quarterly meeting in Blacksburg.
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