RICHMOND, VA (WWBT) - VCU will face more than $21 million in budget cuts due to reductions in state funding, according to a letter sent by President Michael Rao.
The letter to faculty staff and students warned of five percent cuts in the current fiscal year and seven percent cuts the following year, which amounts to $8.75 million and $12.25 million respectively.
The letter comes despite assurances from the governor's office higher education would be exempt from the broad cuts.
President Rao said the university is preparing for the cuts to meet a September 19 deadline set by the governor's administration, however he did not detail where the university would specifically cut.
"Senior leadership began work this summer to develop a new budget model that can withstand the vagaries of government funding and support the long-term sustainability of VCU as a top urban, public research university," wrote Rao. "Specifically, the new budget model will be a vehicle that allows VCU to fund and operationalize our strategic plans — enabling departments, schools and colleges to use an entrepreneurial spirit to take calculated, well-informed risks to advance and support our goals."
The new budget system will be ready by July 2016, according to Rao.