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December 13, 2007

Virginia Governor Proposes $1.65-Billion Bond Issue for Campus Projects

Virginia’s governor, Timothy M. Kaine, today proposed issuing $1.65-billion in bonds to pay for construction and renovation projects at the state’s colleges and universities.

The governor, a Democrat, said the projects would focus on facilities that would further colleges’ roles in work-force development, enhance capacity at the institutions, advance research, and modernize buildings in key fields, including business, education, engineering, nursing, and the sciences.

“These investments will help Virginia’s higher-education network keep delivering for our future,” he said in a news release.

A portion of the package is subject to approval by both the legislature and voters.

Legislative leaders in the Virginia House of Delegates, which is controlled by Republicans, responded to the governor’s proposal by stating that they would carefully examine the cost estimates for the college construction and make sure the best projects were included.

Lacey E. Putnam, an Independent who is slated to become chairman of the House Appropriations Committee, said his panel next year would “properly vet these projects to ensure that the cost estimates are accurate and reasonable before going to the voters.”

In 2002, Virginia voters endorsed an $846-million bond package for campus facilities by a wide margin, with 72 percent of voters approving the measure.

Mr. Putnam said the costs of projects included in that package had exceeded the amounts approved by voters by $300-million. —Sara Hebel

Posted on Thursday December 13, 2007 | Permalink |

Comments

  1. Yes, this makes perfect sense. Cut the operating budgets of Virginia Universities and colleges by4-6+ per cent over the next 2 years, but build more facilites to operate. Hmmm… maybe the housing industry could benefit from such logic. Not.

    — RW    Dec 14, 06:20 AM    #

  2. Virginia has always been wonderful at giving state money to build beautiful buildings – even when there were no raises for faculty and staff. I work in a state that I wish would give more money for buildings, but has been good with pay and benefits.

    — Business Professor    Dec 14, 10:31 AM    #