The Executive Committee and the Finance and Physical Development committees of the James Madison University Board of Visitors held a joint teleconference meeting on May 25, 1999. The meeting was based in the Richmond office of board Rector Henry Harrell.

Following is a summary of actions taken by the committees:

• Formally approved an operating budget of $202.7 million for JMU during the 1999-00 fiscal year. The budget represents an increase of 6.8 percent over the 1998-99 budget. The full board had tentatively approved the budget at its March meeting. More than half the budget $108.8 million will go into JMU's educational and general budget. Another $84.9 million will go into auxiliary enterprises programs that support the student population at JMU. The remainder of the budget will go to student financial aid ($4 million) and programs that are sponsored by external grants ($5 million). (See News Release.)

Key elements of the budget include:

• Agreed to decrease tuition and mandatory fees for in-state students an additional $6 for the 1999-00. In March, the board approved a decrease from the 1998-99 total of $4,256 to $3,932 for 1999-00. The reduction reflected a 20 percent decrease in tuition. The reduction had not earlier been applied to a $42 required technology fee. Adding that fee to the tuition total resulted in the additional cut and the new fall charge of $3,926 for Virginia students.

• Approved a summary six-year capital plan for JMU. The plan calls for several major renovation projects; construction of the third CISAT academic building; a music building recital hall; and a center for the arts.

• Passed a resolution dealing with the financing of the Student Services Building at CISAT through the 
  Virginia College Building Authority.