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Virginia Tech loses $60 million as pandemic hits budget
Virginia Tech loses $60 million as pandemic hits budget
Henri Gendreau Nov 16, 2020
BLACKSBURG — Virginia Tech has lost upwards of $60 million since the onset of the coronavirus pandemic, mostly due to losses in dining and housing revenue.
Tech’s board of visitors met Monday to approve the university’s adjusted $1.6 billion operating budget for 2020-21. Board members also gave Tech the power to postpone debt bills and issue new debt to help boost cash flow, if more choppy economic waters emerge.
The university’s auxiliary budget — which encompasses housing, dining, athletics, health services and parking, among other areas — lost $85.6 million between July and the end of September. Those offices made up $25 million in savings, for a net loss of $60.6 million.
That shortfall, for comparison, is roughly equal to what 1,700 average households in Montgomery County combined would earn in a year. ... “So then the question would be, a $60 million gap is a large gap. How are you going to manage that?” Tim Hodge, associate vice president for budget and financial planning, told the board.
{snip}
Henri Gendreau
Henri Gendreau covers Virginia Tech for The Roanoke Times.
Henri Gendreau Nov 16, 2020
BLACKSBURG — Virginia Tech has lost upwards of $60 million since the onset of the coronavirus pandemic, mostly due to losses in dining and housing revenue.
Tech’s board of visitors met Monday to approve the university’s adjusted $1.6 billion operating budget for 2020-21. Board members also gave Tech the power to postpone debt bills and issue new debt to help boost cash flow, if more choppy economic waters emerge.
The university’s auxiliary budget — which encompasses housing, dining, athletics, health services and parking, among other areas — lost $85.6 million between July and the end of September. Those offices made up $25 million in savings, for a net loss of $60.6 million.
That shortfall, for comparison, is roughly equal to what 1,700 average households in Montgomery County combined would earn in a year. ... “So then the question would be, a $60 million gap is a large gap. How are you going to manage that?” Tim Hodge, associate vice president for budget and financial planning, told the board.
{snip}
Henri Gendreau
Henri Gendreau covers Virginia Tech for The Roanoke Times.