WHEREAS, on March 15, 2008, the University Board of Trustees ratified the decision of the — Bill No. 27-0238
UNIVERSITY OF THE VIRGIN ISLANDS Resolution approving the Fiscal Year 2009 Operating Budget Revision Number One for the University of the Virgin Islands. WHEREAS, on March 15, 2008, the University Board of Trustees ratified the decision of the Executive Committee to approve the Fiscal Year 2009 Virgin Islands Government (VIG) appropriation request for operating expenses, debt service and other mandated programs in the amount of $39,218,859; and WHEREAS, on March 15, 2008, the University Board of Trustees ratified the decision of the Executive Committee to approve the Fiscal Year 2009 Operating Budget for the University of the Virgin Islands in the amount of $51,776,783, which included incremental appropriation revenues from the Virgin Islands Government in the amount of $4,504,559; and WHEREAS, on September 18, 2008, the full Senate (27" Legislature of the Virgin Islands) passed the FY2009 budget bill which included $35,000,000 for the University of the Virgin Islands, the amount recommended by the Honorable Governor John P. …
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UNIVERSITY OF THE VIRGIN ISLANDS Resolution approving the Fiscal Year 2009 Operating Budget Revision Number One for the University of the Virgin Islands. WHEREAS, on March 15, 2008, the University Board of Trustees ratified the decision of the Executive Committee to approve the Fiscal Year 2009 Virgin Islands Government (VIG) appropriation request for operating expenses, debt service and other mandated programs in the amount of $39,218,859; and WHEREAS, on March 15, 2008, the University Board of Trustees ratified the decision of the Executive Committee to approve the Fiscal Year 2009 Operating Budget for the University of the Virgin Islands in the amount of $51,776,783, which included incremental appropriation revenues from the Virgin Islands Government in the amount of $4,504,559; and WHEREAS, on September 18, 2008, the full Senate (27" Legislature of the Virgin Islands) passed the FY2009 budget bill which included $35,000,000 for the University of the Virgin Islands, the amount recommended by the Honorable Governor John P. deJongh, Jr.; and WHEREAS, on October 11, 2008, the Honorable Governor John P. deJongh, Jr. signed into law Act No. 7042 (Bill No. 27-0238) which appropriated $35,000,000 to the University of the Virgin Islands for Fiscal Year 2009; and WHEREAS, the appropriation of $35,000,000 is $4,218,859 less than the University’s request of $39,218,859 thereby requiring a revision of the University’s Fiscal Year 2009 Operating Budget; and WHEREAS, on October 10, 2008, the University Budget Committee voted to recommend to the President’s Cabinet a revised operating budget of $48,622,224 for Fiscal Year 2009; and WHEREAS, on October 10, 2008 the President’s Cabinet voted to recommend to the Board of Trustees via the Finance and Budget Committee a revised operating budget of $48,622,224 for Fiscal Year 2009; and WHEREAS, on October 17, 2008 the Finance and Budget Committee voted to recommend to the Board of Trustees a revised operating budget of $48,622,224 for Fiscal Year 2009; and WHEREAS, the President has submitted revised budget assumptions and projected revenues and expenditures to the Board of Trustees for the fiscal year commencing October 1, 2008; and WHEREAS, the Board of Trustees has reviewed and considered said budget assumptions and projected revenues and expenditures. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF THE VIRGIN ISLANDS AS FOLLOWS: A. That, for the purpose of carrying out the operations of the University for the fiscal year, which began October 1, 2008 and ends September 30, 2009, projected revenues and expenditures proposed by the Administration copies of which are incorporated into this resolution as Exhibit “A”, are hereby approved. The total projected operating revenues and expenditures in the Fiscal Year 2009 Operating Budget Revision Number One are as follows: Fiscal Year 2009 Operating Budget Revision No. 1 Resolution November 1, 2008 EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCAL YEAR 2009 OPERATING BUDGET REVISION NUMBER ONE FISCAL YEAR 2009 - Revision #1 Proposed REVENUES Original Approved Adjustments Revision #1 Tuition & Fees $ 10,084,496 $ 350,000 $ 10,434,496 Appropriations $ 34,323,615 $ (3,504,559) $ 30,819,056 Government Grants & Contracts $ 810,000 $ - $ 810,000 Private Grants & Contracts $ 1,240,447 $ - $ 1,240,447 Investments $ 125,000 $ - $ 125,000 Sales & Services Education $ 4,000 $ - $ 4,000 Sales & Services Auxiliary $ 4,924,973 $ - $ 4,924,973 Other Revenues $ 264,252 $ - $ 264,252 Total Revenues $ 51,776,783 $ (3,154,559) $ 48,622,224 FISCAL YEAR 2009 - Revision #1 Proposed EXPENDITURES Original Approved Adjustments Revision #1 Instruction $ 11,397,229 $ (342,630) $ 11,054,599 Research $ 7127182 $ (13,087) $ 714,065 Public Service $ 935,950 $ (16,844) $ 919,106 [Academic Support $ 2,138,949 $ (131,965) $ 2,006,984 Student Services $ 3,719,708 $ (66,943) $ 3,652,765 Institutional Support $ 13,943,874 $ (626,930) $ 13,316,944 Operations/Maintenance of Plant $ 9,056,360 $ (791,880) $ 8,264,480 Student Aid $ 470,918 $ = $ 470,918 Auxiliary Enterprises $ 5,028,169 $ - $ 5,028,169 [Transfers $ 3,617,644 $ (1,164,280) $ 2,453,364 Undistributed Increase in Retirement Contribution -FY09 $ 740,830 $ - $ 740,830 Total Expenditures & Transfers $ 51,776,783 $ (3,154,559) $ 48,622,224 Net Operating Position