Old Dominion University Board of Visitors Adopts Annual Budget, Enacts Smallest Tuition Increase in Five Years
April 21, 2016
The Old Dominion University Board of Visitors unanimously approved a $622.7 million operating budget for 2016-17 during its regular spring meeting on April 21. The budget includes a modest tuition increase of $135 per semester, or $270 annually, for full-time students - the smallest the University has enacted in five years.
Virginia Del. Chris Jones, chairman of the House Appropriations Committee, commended the Board of Visitors and President John R. Broderick for their leadership in preserving access to higher education for Virginia families. "I am very pleased that ODU remains committed to providing Virginians with an affordable and quality higher educational experience. The Board's most recent action on tuition clearly embodies this philosophy. I am also pleased that we were able to support the University with additional resources to assist in keeping tuition low for our students and families, something I hope we will be able to continue to do in the future," Del. Jones said.
The University's operating budget was supported by actions taken by Gov. Terry McAuliffe and the General Assembly through a funding allocation of $13.9 million for base adequacy and operating support; annualized salary and benefit adjustments for full-time faculty and staff; additional state-supported need-based financial aid for undergraduate and graduate students, and funds for the creation of the Commonwealth Center for Recurrent Flooding Resiliency.
"This budget offers good news for Old Dominion University's students, faculty and staff, as well as the citizens of Hampton Roads," ODU President John R. Broderick said. "It allows us to continue providing a quality, affordable education, while extending our research in such vital areas as sea level rise and flooding resiliency. We could not have achieved these goals without the steadfast support of Gov. Terry McAuliffe, the Hampton Roads delegation to the General Assembly and the members of Old Dominion's Board of Visitors."
Additionally, the 2016-17 educational and general operating budget includes funding for critical operations and support functions that will further the University's strategic objectives. The plan also reallocates $4.2 million of existing resources to maximize the use of available funds to address critical needs within the University.