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.