VMI Board of Visitors Adopts Budget, Sets Tuition and Fees
LEXINGTON, Va., June 16, 2020—As the coronavirus pandemic continues to cloud state revenues with uncertainty, the Virginia Military Institute Board of Visitors approved a $95.5 million budget for the 2020-21 fiscal year that is $400,000 less than the previous year.
The approved FY 2021 is based on a 1.3% increase in tuition and fees ($386) for in-state cadets and a 2.8% increase ($1,552) for out-of-state cadets. The FY 2021 budget is based on an enrollment of 1,693 cadets – 37 fewer than 2019-20 – however, admissions deposits are strong compared to last year. In-state cadets can expect to pay $29,270 this year while out-of-state tuition and fees are $57,280. The FY 2021 budget includes a 2.4% increase in funds available for cadet financial assistance and a 4% increase in private fund support from the VMI Alumni Agencies.
During the 2020 legislative session, the General Assembly included $400,000 in additional state funding for VMI to hold tuition for Virginia cadets at FY 2020 levels. As the coronavirus pandemic unfolded, the General Assembly un-allotted these funds, in essence, placing them on hold. In response to the General Assembly’s action, the VMI Board of Visitors passed a resolution granting the superintendent the authority to accept the tuition moderation funds should they become available and adjust tuition rates for Virginia cadets accordingly.
The approved budget includes flexibility to address any potential reductions in state general fund support, unanticipated changes in enrollment, and the ability to effectively respond to COVID-19-related expenses. The budget also provides for a state-mandated 2.4% increase in employer contribution rates for health insurance.