The George Washington University Board of Trustees approved on Friday the university’s fiscal 2014 operating and capital budget, including funding for academic programs, student support, new construction and renovations.
“This budget will ensure the university’s financial health while at the same time enabling us to continue building the institution’s strength across its many programs and multiple campuses,” said George Washington President Steven Knapp.
The $866.4 million operating budget supports continued investment in academic and research programs, student services and financial aid of $161.5 million. The university will continue its fixed tuition plan, which locks in an incoming undergraduate student’s cost of tuition and fees for a five-year period and ensures that financial aid will not be reduced.
In fiscal 2014, $18.5 million from the Innovation Task Force, which was established by Dr. Knapp in 2009 with the charge of generating $60 million in annual, recurring savings and new revenue for reinvestment in the university’s top academic priorities, will be available for reinvestment in academic, faculty and research programs.
The capital budget includes more than $470 million for continued investments over the next three years to enhance the university’s physical environment and further its academic and research missions. Nearly $250 million is scheduled to be expended in fiscal 2014 for these projects. Construction projects include the Science and Engineering Hall, a new museum on the Foggy Bottom Campus, a conservation and resource center for the museum at the Virginia Science and Technology Campus and the new School of Public Health and Health Services building. Renovation priorities include Gelman Library and Ross, Corcoran, Bell and Tompkins halls.
Included in the capital budget is additional funding for housing and student life projects totaling approximately $130 million. Projects include the new residence hall at Square 77 and design for the development of a graduate student and faculty housing project at the Hall on Virginia Avenue. New construction and renovations will continue to follow sustainable building practices and support the university’s sustainability initiatives as outlined in its climate, water and ecosystem plans.