The Virginia Tech Board of Visitors approved a $1.6 billion university budget for the 2018-19 fiscal year (July 1, 2018, to June 30, 2019) at its meeting in Blacksburg today.

The board also took action to extend the contract of university president Tim Sands through 2024.

Next year’s budget represents a $34.5 million increase over this year’s university budget, or 2.3 percent, primarily driven by enrollment growth in the educational and general program. Also contributing to the increase are university plans to grow student financial aid and projected growth of auxiliary enterprise revenue.

The 2018-19 operating budget includes the integration of the Virginia Tech Carilion School of Medicine, increases in student financial aid, funds to support a 2 percent merit program for faculty and university staff, resources needed to support continued quality education to meet enrollment demand, and support to help advance strategic goals.

The growth in the operating budget comes at a time when Virginia Tech’s state budget allocation was projected to remain generally flat for next fiscal year and as Virginia Tech once again limited tuition and fee increases to in-state students to 2.9 percent. It is projected that the state share (General Fund) of the total university operating budget next year will be 17.0 percent, compared to 17.4 percent this year.

The board approved a resolution to create a new bachelor of arts degree program and a bachelor of science degree program in science, technology, and society. The two new degree programs will help students develop new ways of understanding and intervening in the relationship of science and technology to society. Graduates will be sought by companies and organizations that seek workers who possess strong writing, research, critical thinking, and collaboration skills as well as advanced scientific or technological literacy.

Pending the approval of the State Council of Higher Education for Virginia, the two new degree programs will begin next spring.

In other actions, the board approved spending $3.5 million to develop a plan to replace Slusher Hall. Because of its current condition, Virginia Tech has determined the facility, originally built in 1972, should be replaced rather than renovated. The university plans to first build and occupy a new residence hall near the existing Slusher Hall, then demolish and remove Slusher Hall, then build a second building on the site. The two new facilities will have a total student occupancy that will equal or exceed the existing 630 beds with the intent to maximize the number of beds to the extent practical.