10/20/2026
Virginia’s fiscal and higher education outlook presents both opportunities and challenges heading into the 2027 General Assembly session.
At today’s Senate Finance and Appropriations committee meeting, Secretary of Finance Mark Sickles reported that general fund revenues are exceeding projections by $253.7 million, or 3.2%, through the first quarter, but economic uncertainty and competing budget priorities will require continued fiscal discipline.
SCHEV Director Scott Fleming reported a 1.1% decline in undergraduate enrollment and projected a 6% decline in Virginia public high school graduates by 2031.
Together, these cautionary updates underscore the importance of the state making strategic investments in higher education, particularly the nonprofit private sector, to preserve affordability and institutional stability.
A highlight was that SCHEV is recommending targeted Tuition Assistance Grant (TAG) funding on top of the existing budget to raise the undergraduate and graduate maximum awards to $5,450.
Virginia’s private colleges appreciate these investments to preserve access and educational opportunities for students.