A $1.1 billion budget unanimously approved Friday (June 22) by the West Virginia University Board of Governors includes $15 million for additional pay raises for faculty and staff during FY2019.
While the State provided $3.1 million in state funding for the pay raises, the University was required to identify the remaining funding to make them a reality.
The increase in budgeted expenses is funded by a previously approved 5.73 percent tuition increase, additional state appropriations of $2.4 million, and a 2 percent reduction in expenses. The University continues to focus on being more efficient and cost effective by implementing new technology systems, focusing on performance, and leveraging expertise and arrangements with the private sector.
“We continue to invest in faculty and staff in order to provide the best environment possible for our students,” said Paula Congelio, vice president for finance and chief financial officer. “(W)e realize the importance of retaining and rewarding our outstanding faculty and staff by offering competitive salaries in conjunction with the pay raise provided by the State.”
The previously approved tuition increase will also allow the University to account for increasing information technology costs, improved graduate student stipends and inflationary costs.
The Board also continued its work to enact new Rules in the wake of the state Legislature’s adoption of laws permitting more independence from the state Higher Education Policy Commission.
• Approved as final: Finance & Administration Rule 5.1 related to approvals and authorizations for financial and administrative matters
• Adopted the notice of proposed rulemaking for 5.2 – 5.4 related to managing capital improvements, emergency management and campus safety, and a campus facilities plan.
The rules will be posted on http://policies.wvu.edu from June 23 through July 22 for written comments using the online form for each rule. Questions should be directed to Valerie Lopez, special assistant to the governing board, at Valerie.Lopez@mail.wvu.edu or by mail to: Valerie Lopez; Office of the President; West Virginia University; PO Box 6201; Morgantown, West Virginia 26506-6201.
Once the comment period has ended, all public comments received will be posted on the University’s policy website, and the proposed rules may be changed, subject to the comments. Once finalized, the BOG will approve the rules at a future regular meeting.
The Board also authorized the University to enter into a lease and development agreement for new student housing at WVU Institute of Technology in Beckley. The 264-bed dormitory will also include two classrooms, a fitness center, laundry facilities and food service.
“We are so excited about this new residence hall,” said Carolyn Long, WVU Tech campus president. “This will allow us to serve more students and continue to provide excellent on-campus experiences for our students. We see this as an opportunity to grow and we are so grateful that the University and the Board of Governors are supporting this, along with other efforts to help us move forward.”
Among the items on its consent agenda, the Board of Governors:
• Approved the creation of an Innovation Hub at the Benjamin M. Statler College of Engineering and Mineral Resources.
• Approved increased spending authority related to the next steps for the new College of Business and Economics complex.
• Authorized a real estate transfer and lease transaction with West Virginia University Hospitals Inc.
• Consented to developer refinancing for the Evansdale Crossings
The Board thanked Tom Flaherty and Blake Humphrey, the Student Government Association representative, for their service, as their terms ended.
The Board’s next regular meeting is set for Sept. 21 in Morgantown.
