Fiscal Year 2018 Budget Update
Dec. 16, 2016
Dear Radford Family,
As we close the Fall 2016 semester and celebrate the achievements of December 2016 graduates, I write to update you on some positive developments and highlights from the Governor's recently announced proposed budget for Fiscal Year (FY) 2018, including the possible statewide budget reductions that I notified the campus about on November 1st.
Today, the Governor announced that his proposed budget for the next fiscal year includes a five percent general fund reduction for Virginia's public colleges and universities instead of the 7.5 percent reduction that was originally planned. Additionally, the Governor's FY 2018 proposed budget includes funding for a one-time 1.5 percent salary bonus for all state employees. Lastly, while we are still analyzing the many details of the Governor's proposed budget, I am pleased to also announce that the Governor's budget proposes to maintain the increased financial aid funding that Radford University received for this current fiscal year, thus supporting our efforts to make a Radford education more accessible and affordable for deserving and qualified students.
All of this has the potential to be positive news for Radford University, our students and our dedicated faculty and staff. However, the Governor's budget remains a proposal and will be considered as part of the General Assembly's 2017 legislative session, which begins in January. I anticipate we will know additional details about final outcomes in mid-spring as the budgetary and legislative process progresses. While we await final budget decisions, we will continue to be prudent and conservative in our planning for a number of fiscal scenarios. Like all aspects of the Commonwealth's budget, much will depend on future revenue projections and how the state's economic and budgetary challenges unfold. With the help of our Cabinet and Leadership Council, I will continue to keep the Highlander community informed as we learn more and the FY 2018 budget is developed.
As we enter the holiday season, I am very encouraged by this development and remain confident that the Radford family will continue our trajectory to transform into an innovative, premier university in the Commonwealth of Virginia and beyond with a keen focus on teaching, research and service.
With Highlander Pride,
Brian O. Hemphill, Ph.D.