6-26-19

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The Pitt News

T h e i n d e p e n d e n t s t ude nt ne w spap e r of t he U niversity of Pittsburgh | PIttnews.com | June 26, 2019 ­| Volume 110 | Issue 7

NEW POLICY INCREASES SUPPORT FOR FINANCIAL AID

I’M A STEAMROLLER, BABY

Janine Faust Editor-in-Chief

At a public meeting in Posvar Hall Monday morning, Pitt’s Investment Committee approved a new spending policy that increases the amount of University funding directly supporting financial aid. For fiscal year 2020, the increase will result in an additional $7.5 million in financial aid for students across each of Pitt’s five campuses, according to Pitt spokesperson Kevin Zwick. The money will support Pitt Success, which includes financial aid initiatives such as the Pitt Success Pell Match. The Investment Committee, which is part of Pitt’s Board of Trustees and presided over by Board member Ed Grefenstette, oversees the Consolidated Endowment Fund. The CEF is an investment pool comprised of thousands of individual endowment funds with a variety of designated purposes and restrictions, including quasiendowments, whose principal balance is not required to be maintained pursuant to a donor restriction. The $7.5 million set to come in FY 2020 comes from the University’s Operating Funds Quasi-Endowment. The new spending policy increases the distribution rate from this quasi-endowment fund from 4.25% to 4.75% for FY 2020. The committee said in the record of its public meeting on Monday that as a staterelated institution, the University must search for sources of funding beyond the state government to ensure it has enough resources to operate without “unduly escalating tuition.”

Steamrollers move down Forbes Avenue during the repaving of Oakland’s roads on Saturday. Thomas Yang | visual editor

CITY TO START PLANNING PROCESS IN OAKLAND Jon Moss

News Editor Oakland might look a bit different in a few years, but it will all be according to the plan. The Department of City Planning announced Monday it will begin a two-year process to create a 10-year neighborhood plan for North, Central, South and West Oakland. The process has recently been used for other Pittsburgh neighborhoods, including Uptown, Homewood and Hazelwood. In response to the rise in development activity along Forbes and Fifth avenues, the City said discussions with community leaders made it clear that Oakland needs to have a shared plan for how to

sustainably develop the neighborhood. The planning process will focus on four main areas: community, development, mobility and infrastructure. The City expects the plan to be finalized and adopted in about two years, during the spring and summer of 2021. If adopted by the City Planning Commission, the plan will become official City policy and direct public and private investment in Oakland. The first step in the planning process is to create a steering committee of 20 to 30 community representatives to manage the process. The City said the committee will meet for the first time as a group in October and then form a series of action teams to tackle specific issues. A list

of steering committee members was not immediately available online, and Derek Dauphin, the project’s manager, did not immediately respond to a request for comment. The City will hold a series of open houses in Oakland to introduce community members to the planning process, beginning this week at Soldiers and Sailors Memorial Hall. Workshops will take place Thursday from 10 a.m. to 1 p.m. and from 5 to 8 p.m. to teach residents the basics of urban design. Additional workshops, featuring topics such as planning and building regulations, mobility and transit, parks and the environment, and energy efficiency, will take place throughout July and August.


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