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General Obligation Bond May Bring Benefit to George Mason
By Daniel Walsch
As smoke from the 2001 - 02 General Assembly session clears, it appears that the best chance George Mason University has of receiving additional financial support from the state rests with Virginian voters.
As approved by Gov. Mark Warner and the General Assembly, a general obligation education bond referendum will appear on the state's upcoming November ballot. If approved, the referendum will result in construction and renovation monies for Virginia's public colleges and universities. For George Mason, approximately $107 million would be earmarked over a five-year period to fund construction and renovation efforts at both the Fairfax and Arlington Campuses. Specifically, at the Fairfax Campus, construction of Academic V, an academic research facility, and Parking Deck II and the renovation of the Thompson and West buildings would be funded, while at the Arlington campus, the construction cost of Academic II would be met.
These projects are part of a six-year capital outlay plan that George Mason submitted back in 1998 to the Virginia Department of Planning and Budget. Under this plan, 26 projects are identified that range from construction and furnishing of Academic IV at the Fairfax Campus to the renovation of King Hall, also at Fairfax.
The potential that rests with this general obligation bond referendum looms over the reality of a $13 million reduction in George Mason's operating fund that was also approved by the General Assembly and blessed by Gov. Warner. In anticipation of this reduction, the university's Board of Visitors at its March meeting approved a 16 percent increase in tuition and fees for the 2002 - 03 academic year. The revenue expected to be generated from this hike will compensate for the $13 million reduction. The Board of Visitors convenes again in mid-May, but it appears unlikely that it will make any change in its earlier decision regarding next year's tuition and fees.
Finally, the conclusion of the legislative session finds the prospect of salary bonuses and/or increases in vacation on the horizon for George Mason's faculty and staff. By July 1, as reported by Thomas Hennessey, chief of staff to President Alan Merten, classified employees will be able to select a 2.5 percent one-time salary bonus, 10 additional days of paid leave, or a combination of bonus and leave. According to Hennessey, instructional, administrative, and professional faculty will receive a bonus.
The 2.5 percent bonus will be paid in August. For nine-month faculty, the bonus will be included in the first paycheck of the school year; for 12-month employees, the Aug. 30 paycheck. The bonus will be paid out in August in order to lower the amount of tax withheld because of Internal Revenue Service regulations. Classified employees have until July 1 to decide whether to take a bonus or paid compensatory time or a combination of the two, Hennessey notes. |
