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BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2019-2020 Resolution approving the Fiscal Year 2019-2020 Operating Budget for the University of the Virgin Islands WHEREAS, on March 4, 2019 the University submitted its Fiscal Year 2019-2020 appropriation request of $38,390,025 to the Honorable Albert Bryan, Jr., Governor of the US Virgin Islands; and WHEREAS, Bill No. 33-0184, to appropriate monies for salaries and expenses of the University of the Virgin Islands for the fiscal year ending September 30, 2020, and for other purposes, was introduced in the Legislature of the Virgin Islands on September 19, 2019; and WHEREAS, Bill No. 33-0184 was adopted by the Legislature on September 26, 2019, and approved by the Governor of the Virgin Islands on October 7, 2019, thereby becoming Act Number 8242 appropriating $33,629,059 to the University for the fiscal year ending September 30, 2020; and WHEREAS, on October 8, 2019, the President’s Cabinet voted to recommend a balanced operating budget consisting of revenues of $47,185,909 and expenditures and transfers of $47,142,505 for Fiscal Year 2020, which is incorporated into this resolution as “Exhibit A;” and WHEREAS, on October 11, 2019, the Finance and Budget Committee of the Board of Trustees of the University of the Virgin Islands voted to recommend to the Board of Trustees the approval of an operating budget consisting of revenues of $47,185,909 and expenditures and transfers of $47,142,505 for Fiscal Year 2020, which is incorporated into this resolution as “Exhibit A.” NOW THEREFORE BE IT RESOLVED AS FOLLOWS: A. That, for the purpose of carrying out the operations of the University for the fiscal year, which began October 1, 2019 and ends September 30, 2020, the operating budget proposed by the Administration, a copy of which is incorporated into this resolution as Exhibit “A”, is hereby approved. The total projected operating revenues and expenditures in the Fiscal Year 2019- 2020 Operating Budget are as follows: i) Total revenues of $47,185,909; and ii) Total expenditures and transfers of $47,142,505. B. That the President and Vice-President for Administration and Finance are authorized to take such actions as are necessary and proper to implement this resolution. CERTIFICATION The Undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the Board of Trustees of the University of the Virgin Islands adopted at a regular meeting on November 2, 2019, as recorded in the minutes of said meeting. FY2020 Operating Budget Resolution P a g e | 2 November 2, 2019 _____________________________________ _____________________________ Secretary of the Board Date EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCAL YEAR 2020 PROPOSED OPERATING BUDGET REVENUES FY2019 Approved Budget Total Adjustments FY2020 Proposed Budget Tuition & Fees $12,609,664 $844,733 $13,454,397 Appropriations $25,155,458 $425,254 $25,580,712 Government Grants & Contracts $1,355,000 $0 $1,355,000 Private Grants & Contracts $1,790,447 $0 $1,790,447 Investments $0 $0 $0 Sales & Services Education $4,000 $0 $4,000 Sales & Services Auxiliary $4,743,651 ($46,550) $4,697,101 Other Revenues $304,252 $0 $304,252 Total Revenues $45,962,472 $1,223,437 $47,185,909 EXPENDITURES FY2019 Approved Budget Total Adjustments FY2020 Proposed Budget Instruction $11,878,370 $313,233 $12,191,603 Research $921,189 $0 $921,189 Public Service $740,402 $0 $740,402 Academic Support $3,185,989 $0 $3,185,989 Student Services $3,454,143 $0 $3,454,143 Institutional Support $12,044,815 $360,736 $12,405,551 Operations/Maintenance of Plant $7,767,987 $0 $7,767,987 Student Aid $517,661 $0 $517,661 Auxiliary Enterprises $4,173,982 ($68,610) $4,105,372 Transfers $1,234,530 $0 $1,234,530 FY2019 Salary Increase Pool - $1.5M was approved and allocated to the respective expenditure lines $0 $0 $0 FY2020 Health Insurance increase of 12% to be allocated to the respective expenditure lines $0 $618,078 $618,078 Total Expenditures & Transfers $45,919,068 $1,223,437 $47,142,505 FY2020 Operating Budget Resolution P a g e | 3 Net Operating Position $43,404 $0 $43,404