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Finance Committee reviews Major Capital Plan for new additions.

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TLDR:

  • The Board of Visitors’ Finance Committee evaluated potential additions to the Major Capital Plan, including upgrades to Hereford Residential College, University Hospital’s South Tower, and the construction of an Institute of Biotechnology.
  • The Institute of Biotechnology aligns with health equality goals and provides opportunities for research, while the Hospital’s South Tower expansion aims to meet increased demand for services.

The Board of Visitors’ Finance Committee recently met to discuss the financial feasibility of adding three projects to the Major Capital Plan at the University of Virginia. These projects include an upgrade to Hereford Residential College’s HVAC system, an expansion of the University Hospital’s South Tower, and the construction of an Institute of Biotechnology. The Institute of Biotechnology, costing $350 million, will be partly funded by private philanthropy and added to the University’s debt. It aligns with health equality goals and offers opportunities for diverse research.

The expansion of the University Hospital’s South Tower, at $120 million, aims to meet the increased demand for intensive care units and oncology services. Additionally, Hereford Residential College’s $11.4 million HVAC system upgrade is the only proposed item to be paid in cash. The projects align with President Jim Ryan’s 2030 plan, enhancing the student experience and overall building efficiency.

During the meeting, the Committee also approved several requests for proposals, including increasing custodial staff and acquiring new technologies. A tuition reduction at the College at Wise Center for Teaching Excellence was also authorized to enhance program affordability. The Committee reviewed current and potential affordable housing investments in the Charlottesville area and evaluated the success of budgetary spending to guide future financial decisions.

The effort to understand the University’s best financial interests will continue, with plans to finalize the 2025 fiscal year operating budget. The Finance Committee is scheduled to reconvene when the Board meets again in June to further discuss these developments and proposals.

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