Virginia Governor Timothy M. Kaine announced this week that the state is expecting a $2.9 billion budgetary shortfall on top of the shortfall announced in October. The College of William and Mary and the Virginia Institute of Marine Science have thus lost $9,696,018 from their 2010 state budget allocations.
These new cuts come on top of October’s budget cuts of $4.9 million from the two institutions. VIMS operates under the administrative umbrella of the College but is funded separately.
The College’s new budget cuts total $7.4 million.
“These proposed actions will not affect William and Mary’s operations during the current fiscal year, nor will they impact our building projects,” College President Taylor Reveley wrote in an e-mail to the campus community. “To repeat prior assurances about the current fiscal year, there will be no layoffs on the main campus, no salary reductions or furloughs, no loss of student financial aid, and no mid-year tuition increase.”
Kaine noted that the cuts to education were necessary, but noted that the state would increase financial aid.
“My introduced budget includes nearly $26 million in additional money for need-based financial aid,” Kaine told the General Assembly’s Joint Money Committees this week. “This money will bring every institution up to at least 65 percent of the target financial aid level that has been recommended by [the State Council for Higher Education in Virginia].”
According to Reveley, the Board of Visitors will consider next year’s salaries and staffing at their spring meeting.
“As always, we will work to absorb the latest cuts in our state funding with the least harm to the university,” he said. “We will report to you once plans are further along.”