(AP) Earlier today, the Virginia Tech Board of Visitors approved tuition and fees for the 2014-15 academic year. The board approved increases of $562 and $837 respectively for resident and non-resident students. Mandatory tuition and fees for Virginia undergraduate students will be $12,017; out-of-state students will pay $28,048 annually. Average room and board fees will rise by $274 per year for a total of $7,924. The Virginia Tech Board of Visitors also approved a $1.35 billion university budget for the next fiscal year today. The university budget was among the resolutions passed during Timothy Sands’ first board meeting as university president in his second official day on the job. Next year’s budget represents a $39.3 million increase over the current year … higher energy costs, more student programs and campus improvements are reasons cited for the budget increase.