Kaine Proposes R&D Funding in New Budget
Governor Timothy M. Kaine recently announced a proposed bond package of $1.65 billion for higher education. The package pays special attention to areas within higher education with documented needs, such as engineering, nursing, business, and the sciences, and provides them with opportunities for better facilities, committed resources for training, retention and research.
“The proposed bond package supports innovative research, providing facilities across Virginia for researchers to develop new, cutting-edge technologies and turn them into commercial assets,” Governor Kaine said. “Our colleges and universities also help us build a workforce prepared to compete in a global economy. These investments will help Virginia’s higher education network keep delivering for our future.”
Projects will receive funding between the General Obligation Bond and through the Virginia College Building Authority. Voters will be able to decide on the General Obligation Bond in November 2008, and support higher education as a priority.
Looking ahead to the 2009 budget, $29 million has been proposed by Governor Kaine to meet the final year of a three year agreement to improve research efforts within the Commonwealth’s institutions of higher education, which have already produced an approximate return of $150 million from federal and private research funding.
To further establish the relationship between higher education and economic development, the Governor has also proposed $40.5 million over the biennium for a competitive research and grant program to reward university collaboration, private sector participation, and support for economically-distressed regions across the Commonwealth. The research package was based on recommendations by Virginia’s Research and Technology Advisory Commission, including leaders across the public universities, federal labs and the technology industry. The funding includes $10.5 million in general funds for the Commonwealth Technology Research Fund and $30 million in Higher Education Equipment Trust bonds.
The proposed budget also includes $7 million dollars for the creation of the SRI east coast research facility near Harrisonburg.
Click here to read the entire bond package project list.
