BOARD OF TRUSTEES RESOLUTION — January 24, 2008
UNIVERSITY OF THE VIRGIN ISLANDS BOARD OF TRUSTEES RESOLUTION Resolution ratifying the Executive Committee’s approval of the Fiscal Year 2008-2009 Operating Budget for the University of the Virgin Islands. WHEREAS, on January 24, 2008, the University Budget Committee voted to recommend three options in the amounts of $51,064,383, $51,776,783 and $51,681,639 to the President’s Cabinet for the University’s operating budget for Fiscal Year October 1, 2008 through September 30, 2009; and WHEREAS, on February 7, 2008 the President’s Cabinet voted to recommend to the Board of Trustees, via the Finance and Budget Committee, the three budget options for Fiscal Year 2008- 2009; and WHEREAS, the University’s Vice President for Administration & Finance submitted the three budget options, with budget assumptions and projected revenues and expenditures, to the Finance and Budget Committee of the Board of Trustees for the Committee’s review and for the Committee’s submission of a recommendation thereon to the Board; and WHEREAS, on November 3, 2007 the Board of Trustees of the University of the Vi …
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UNIVERSITY OF THE VIRGIN ISLANDS BOARD OF TRUSTEES RESOLUTION Resolution ratifying the Executive Committee’s approval of the Fiscal Year 2008-2009 Operating Budget for the University of the Virgin Islands. WHEREAS, on January 24, 2008, the University Budget Committee voted to recommend three options in the amounts of $51,064,383, $51,776,783 and $51,681,639 to the President’s Cabinet for the University’s operating budget for Fiscal Year October 1, 2008 through September 30, 2009; and WHEREAS, on February 7, 2008 the President’s Cabinet voted to recommend to the Board of Trustees, via the Finance and Budget Committee, the three budget options for Fiscal Year 2008- 2009; and WHEREAS, the University’s Vice President for Administration & Finance submitted the three budget options, with budget assumptions and projected revenues and expenditures, to the Finance and Budget Committee of the Board of Trustees for the Committee’s review and for the Committee’s submission of a recommendation thereon to the Board; and WHEREAS, on November 3, 2007 the Board of Trustees of the University of the Virgin Islands approved a resolution authorizing the Executive Committee of the Board of Trustees to approve the Fiscal Year 2009 Appropriation Request to the Government of the Virgin Islands and the Fiscal Year 2009 Operating Budget; and WHEREAS, on February 13, 2008 the Finance and Budget Committee of the Board of Trustees unanimously voted to recommend to the Executive Committee of the Board of Trustees for approval the option of an operating budget of $51,776,783 for Fiscal Year 2008-2009; and WHEREAS, on February 14, 2008 the Executive Committee of the Board of Trustees reviewed and approved the budget in the amount of $51,776,783, on condition that the sum of $710,809 for “Salary Adjustment” incorporated therein shall not be across-the-board salary adjustments; and WHEREAS, the Executive Committee hereby submits this resolution to the Board of Trustees for ratification the action taken by the Committee. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY TO RATIFY THE DECISION OF THE EXECUTIVE COMMITTEE AS FOLLOWS: A. That, for the purpose of carrying out the operations of the University for the fiscal year, which begins October 1, 2008 and ends September 30, 2009, one of options for 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 2009 Operating Budget are as follows: i) Total revenues of $51,776,783; and FY2009 Operating Budget Resolution Operations/Maintenance of Plant $ 7,488,263 $ 1,568,097 $ 9,056,360 Student Aid $ 470,918 $ 470,918 Auxiliary Enterprises $ 5,028,169 $ 5,028,169 Transfers $ 2,453,364 $ 1,164,280 $ 3,617,644 Undistributed Increase in Retirement 740.8 74 Contribution -FY09 $ — $ asia Total Expenditures & Transfers $46,557,924 $ 5,218,859 $ 51,776,783 Net Operating Position $ (65,700) | $ 65,700 | $ -