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VCU revenues to fall at least $75 million

Posted at 12:26 PM, Dec 12, 2020
and last updated 2020-12-12 12:26:32-05

RICHMOND, Va. -- Virginia Commonwealth University’s president says revenues likely will fall at least $75 million in the spring 2021 semester.

The Richmond Times-Dispatch reports that President Michael Rao told the school’s board of visitors on Friday that’s the best-case scenario for a future still clouded by the pandemic.

Revenue losses could reach $144 million. VCU Health is projecting a loss of $60 million.

Rao says the university will do everything it can to avoid that.

The university’s overall budget this year is $1.3 billion.

VCU has saved costs by refinancing bonds, freezing some spending and hiring and integrating its purchasing and accounts payable systems to be more efficient.