USVI Public Records

Document text

BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2019-2020 REVISION NUMBER ONE Resolution approving the Fiscal Year 2019-2020 Operating Budget Revision Number One 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, on September 29, 2019 Bill Number 33-0184 was adopted by the 33rd Legislature of the Virgin Islands appropriating $33,629,059 to the University for the fiscal year ending September 30, 2020; and WHEREAS, on September 30, 2019 Bill Number 33-1084 was forwarded to the Office of the Governor for Governor Bryan’s consideration and approval; 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 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; and WHEREAS, on November 2, 2019, the Board of Trustees approved Fiscal Year 2020 Operating Budget, consisting of total revenues of $47,195,909, total expenditures and transfers of $47,142,505, and a residual balance of $43,404; and WHEREAS, due to a reduction in the Fiscal Year 2020 allotments appropriated to the University in the amount of $3,363,039, a prior year structural deficit of $1,152,831 and other operating considerations, the Administration proposed revising the revenues and expenditures and transfers for Fiscal Year 2020; and WHEREAS, through the Higher Education and Institutional Aid provisions of the CARES Act the University is eligible to utilize approximately $2,175,124 in funding to maintain its operations and continue its support of students; and WHEREAS, the Administration proposed the following guiding principles for the allocation of the CARES Act funding: 1) Utilize the funds to avoid layoffs and furloughs of full time employees; 2) Utilize the funds to allow for the hiring of the most critical faculty and staff vacancies; 3) Utilize the funds to reduce the number of part-time/temporary workers who are impacted by the budget reductions; and 4) Utilize the funds to support the most critical operational expenses that were cut, especially those connected to revenue generating opportunities; and WHEREAS, the Administration proposed that the allotment reduction be absorbed across the programs funded by the annual appropriation as reflected in “Exhibit A” of this resolution in addition to expenditure reductions from the University’s component units; and FY2020 Operating Budget Resolution Revision Number One P a g e | 2 WHEREAS, on May 28, 2020, the Finance and Budget Committee reviewed the proposed revised revenues of $46,906,454 and expenditures and transfers of $46,906,454 and voted to recommend to the Board of Trustees the approval of Fiscal Year 2020 Operating Budget, Revision Number One, incorporated into this resolution as “Exhibit B;” and WHEREAS, on May 28, 2020, the Finance and Budget Committee voted to recommend to the Board of Trustees to defer the filling of the Internal Auditor position, which is incorporated into the proposed revised budget as a budget reduction strategy, to Fiscal Year 2020-2021. 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 “B”, is hereby approved. The total projected operating revenues and expenditures in the Fiscal Year 2019- 2020 Operating Budget Revision Number One are as follows: i) Total revenues of $46,906,454; and ii) Total expenditures and transfers of $46,906,454. 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 June 20, 2020, as recorded in the minutes of said meeting. JUNE 20, 2020 _____________________________________ _____________________________ Secretary of the Board Date FY2020 Operating Budget Resolution Revision Number One P a g e | 3 EXHIBIT A Fiscal Year 2020 Appropriation Requirements FY2020 Appropriation Act No. 8242 Across the Board 9% Reduction General Operating Requirements $25,155,458 $2,454,579 Debt Service $3,992,205 $359,298 SBDC Local Matching Requirements $300,000 $27,000 Senior Citizens Tuition Requirements $240,000 $21,600 Valedictorian & Salutatorian Scholarships $250,000 $22,500 Community Engagement and Lifelong Learning $100,000 $9,000 Green Technology $200,000 $18,000 Hotel Management Program $100,000 $9,000 John Brewers Beach Bathroom Maintenance $15,000 $1,350 University Bound Program $355,901 $32,031 Senior Reserve Officers' Training Corps (SROTC) $100,000 $9,000 VI Academic & Cultural Awards $300,000 $27,000 Social Work Program Accreditation $80,000 $7,200 John Brewers Beach Maintenance and Security $100,000 $9,000 Bachelor of Science in Nursing Degree Program - St. Croix Campus $400,000 $36,000 Foster Care Tuition Subsidy $10,000 $900 Virgin Islands Caribbean Cultural Center $150,470 $13,542 Hospitality and Tourism Program $409,345 $36,841 Agricultural Science and Aquaculture Program $989,912 $89,092 Master's Program in Social Work - AAS Campus $265,768 $23,919 Summer Bridge Program $115,000 $10,350 Total Operating Requirements $33,629,059 $3,217,203 GVI EXECUTIVE BUDGET - MISCELLANEOUS SECTION INITIATIVES Act No. 8245 UVI Labor Force Survey $110,000 $9,900 Congressional Scholarship Program $150,000 $13,500 VI- EPSCoR Matching Fund $250,000 $22,500 FEMA Outstanding Obligation $100,000 $9,000 UVI Marine Advisory Service $10,400 $936 UVI Health Insurance Premium Increase $425,254 $0 Total Miscellaneous Section Initiatives $1,045,654 $55,836 INTERNAL REVENUE MATCHING FUND Act No. 8244 UVI Medical School Debt Service $1,000,000 $90,000 Virgin Islands Higher Education Scholarship Program $3,000,000 $0 Total Internal Revenue Matching Fund $4,000,000 $90,000 Grand Total: Operating Requirements, Miscellaneous Section & Internal Revenue Matching Fund $38,674,713 $3,363,039 FY2020 Operating Budget Resolution Revision Number One P a g e | 4 EXHIBIT B UNIVERSITY OF THE VIRGIN ISLANDS Fiscal Year 2020 Proposed Operating Budget - Revision No. 1 REVENUES FY2020 Approved Budget FY2020 Adjustments FY2020 Proposed Operating Budget - Revision No. 1 Tuition & Fees $13,454,397 $0 $13,454,397 Appropriations $25,580,712 ($2,454,579) $23,126,133 Government Grants & Contracts $1,355,000 $0 $1,355,000 Private Grants & Contracts $1,790,447 $0 $1,790,447 Sales & Services Education $4,000 $0 $4,000 Sales & Services Auxiliary $4,697,101 $0 $4,697,101 Other Revenues $304,252 $0 $304,252 Other Revenues - CARES Act $0 $2,175,124 $2,175,124 Total Revenues $47,185,909 ($279,455) $46,906,454 EXPENDITURES FY2020 Approved Budget FY2020 Adjustments FY2020 Proposed Operating Budget - Revision No. 1 Instruction $12,191,603 $0 $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 $12,405,551 $0 $12,405,551 Operations/Maintenance of Plant $7,767,987 $0 $7,767,987 Student Aid $517,661 $0 $517,661 Auxiliary Enterprises $4,105,372 $0 $4,105,372 Transfers Match (AES & CES) $1,234,530 $0 $1,234,530 Undistributed Health Insurance Premium Increase $618,078 $0 $618,078 Structural Deficit (Revenue Loss and Insurance Increase) $0 $1,152,831 $1,152,831 Undistributed Component Unit Budget Reductions $0 ($1,388,882) ($1,388,882) Total Expenditures & Transfers $47,142,505 ($236,051) $46,906,454 Net Operating Position $43,404 ($43,404) $0