Each public institution of higher education shall receive funds from the state general fund or sources other than the state general fund, or both, for each fiscal year of each biennium for:
1. Basic operations and instruction, as provided in § 23.1-303;
2. Each Virginia undergraduate student actually enrolled at the institution, as provided in § 23.1-304;
3. Need-based financial aid, as provided in § 23.1-306; and
4. Support for targeted financial incentives that encourage and reward progress toward the policy objectives specified in this chapter, as provided in § 23.1-305.