State funding will be cut one-third by the 2012 school year. On October 7, Vice President for Finance and Administration, Richard Alvarez and Interim Provost Joseph Scartelli, lead a meeting on the financial future for the university.
Alvarez explained that due to the loss in state funding the next two fiscal years will have a tight budget. Since 2008 there has been a 33.3 percent or 16.4 million dollars in budget cuts. The university has taken a couple measures to help with the budget, for example the 2010-2011 tuition went up by about 11 percent and 98.5 jobs were cut from the university.
“We would have been in a world of hurt if we didn’t split those dollars,” said Alvarez.
With a 15.1 percent increase on mandatory fees, the university still falls below average of the remaining state colleges in Virginia. As well as falling behind in comprehensive fees and room and board. Students are paying less than most Virginia state colleges but still paying more than the state money Radford receives.
The school admits to having trouble with budgeting due to the fact that taxes are so up and down, making it difficult to know how much funding they will receive year to year. Scartelli introduced the Strategic Plan 7-17. This is the plan for the next 10 years that President Kyle put into effect.
Scartelli outlined the plan, which will bring in more money for the graduate programs, retain students, increase student finical assistance, increase staff, and correct staff salary. The salary for the 146 faculty currently falls 10 percent under the percentile of peer universities.
“The first dollar is going to fill in the holes,” said Scartelli, answering the question that was proposed earlier in the meeting.