The University of Virginia has a $2.79 billion spending plan for the upcoming fiscal year.
The university's Board of Visitors approved the budget on Friday. The budget funds the university for the fiscal year starting July 1.
Local media reports the budget represents an increase of 3.7 percent and includes funding for enrollment growth of 155 students.
The budget also will increase the faculty salary pool by 4.75 percent. The additional funding will go toward merit-based raises for individual faculty members.
Board members agreed they may have to revise the budget once a budget deadlock concludes in Richmond.
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