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VMI finance briefing: auxiliary fund projected to fall from $21.1M to about $9.8M; athletics faces ~$90K shortfall
Summary
At a board briefing, VMI finance staff projected the auxiliary fund balance will decline from $21.1 million to roughly $9.5–9.8 million by year-end and flagged a roughly $90,000 athletics shortfall and ongoing capital funding uncertainty tied to a state budget impasse.
Dallas, chief financial officer for the Virginia Military Institute, told the AFP committee that the institute opened the fiscal year with an auxiliary fund balance of $21.1 million and is projecting an end-of-year balance of about $9.8 million, after transfers and the year’s spending. “When we began the fiscal year on July 1st, 2025, we had a fund balance of $21.1 million,” he said, and said the projection to “right at $9.8 million” reflects deferred maintenance spending and enrollment-driven revenue declines.
The briefing placed the local outlook in the context of a state-level budget impasse. Dallas said the General Assembly adjourned this spring without a two‑year budget and that a special session convened May 23 remained in progress; the House and Senate are scheduled to reconvene in mid- to late June to finish the work. He identified a billion-dollar data-center tax-exemption dispute as a major sticking point between the two chambers and said central agencies have not issued shutdown instructions to VMI.
On program-level results, Dallas said education-general (ENG) funds normally spend down annually but that lower enrollment left an ENG reserve of about $400,000 that the institute will spend down in coming months. He characterized the unique military activities account as ending the year “basically with $2,000,” within expectations. “This will get us through the summer,” he said of the auxiliary reserves, while stressing that restoring longer-term balances will require multi-year discipline.
Athletics is a current pressure point. Dallas said intercollegiate athletics reported roughly $1.3 million in revenue against about $1.4 million in expenditures, leaving “about $90,000” of overrun to manage before year-end. He said the athletics figures include previously approved board subsidies and that staff will continue to manage transfers and expense timing to close the gap.
Dallas also summarized capital and one-time items paid during the enrollment downturn, including deferred maintenance projects and an emergency roof repair. He noted optimism about capital requests that had been submitted—references in the briefing included “Cleface 2” funding and two budget amendments described as mission-ready facilities and a start-up tranche for a program described as Forging Fit Leaders—but cautioned those items remain contingent on the state budget outcome.
Board members offered to assist with outreach tied to special requests and state advocacy if needed; Dallas said existing work by board members and staff remains underway. The briefing materials were to be uploaded to the committee record following the meeting.
Next steps: the committee will monitor the state budget negotiations and institute transfers through year-end; staff expects to report updated balances and any formal impacts once the state budget is finalized.
