Budgeting and Planning Committee: Academic Year 1993-1994

McNamee led discussions on the plans being developed for the university to address the budget reductions.As a result of the projected additional shortfall in state revenues that will total approximately $1.5 billion for the 2002-04 biennium, all state agencies are developing budget reduction plans for seven, eleven and fifteen percent reductions of the General Fund portion of their education and general budgets for submission to the Secretary of Education and the state budget office by September 20, 2002.As a minimum, all agencies will take at least a five percent General Fund reduction.The university is developing budget reduction plans for a five percent reduction in addition to the 7, 11, and 15 percent reduction plans requested by the state.Each one percent reduction is equivalent to a $2.5 million reduction for Virginia Tech.