Higher-ed agency wants $363.5 million

RICHMOND, Va. (AP) - Virginia's higher-education agency is recommending that the state spend $363.5 million over the next budget cycle to fund the operations of its public colleges and universities as they phase in the Virginia Higher Education Opportunity Act .

The State Council of Higher Education for Virginia also said Tuesday that the state would need $164.1 million in non-general fund revenue over the 2012-14 biennium, in the form of tuition increases of 3 percent to 5 percent annually.

The money is to support the new effort to increase enrollment, degree attainment and the pursuit of science and health-related fields.

The overall recommendation includes $64.6 million in student financial aid and $48.6 million for 2 percent faculty salary increases.

SCHEV will forward its recommendations to Gov. Bob McDonnell and the General Assembly.