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UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2010-2011 REVISION NO. 1 Resolution approving the Fiscal Year 2011Operating Budget Revision Number One for the University of the Virgin Islands WHEREAS, on December 8, 2009, the University Budget Committee voted to recommend to the President an operating budget of $50,164,614 for Fiscal Year 2010-2011 inclusive of an increase in investment income of $100,000; and WHEREAS, on December 22, 2009, the Executive Committee of the Board of Trustees voted to approve an increase of $225,000 in investment income revenues for Fiscal Year 2010, thereby revising that year’s budget; and WHEREAS, as a result of the actions by the Executive Committee on December 22, 2009 an additional amount of $125,000 is now available for Fiscal Year 2011; and WHEREAS, on February 4, 2010 the President forwarded to the Board of Trustees, via the Finance and Budget Committee, an operating budget of $50,289,614 for Fiscal Year 2010-2011; and WHEREAS, on February 9, 2010 the Finance and Budget Committee of the Board of Trustees voted to recommend to the Executive Committee of the Board of Trustees for approval an operating budget of $50,289,614 for Fiscal Year 2010-2011; and WHEREAS, on February 16, 2010 the Executive Committee of the Board of Trustees reviewed and approved the budget in the amount of $50,289,614 for Fiscal Year 2010-2011; and WHEREAS, on March 13, 2010 the Board of Trustees of the University of the Virgin Islands ratified the action of the Executive Committee; and WHEREAS, on March 13, 2010 the Board of Trustees of the University of the Virgin Islands approved a Master of Arts program in Psychology; and WHEREAS, based on the addition of the Master of Arts program in Psychology, the Administration submitted revenue and expenditures assumptions to revise the Fiscal Year 2011 Operating Budget; and WHEREAS, on March 13, 2010 the Finance and Budget Committee reviewed said budget assumptions and projected revenues of $175,200 and expenditures of $149,050 and voted to recommend to the Board of Trustees for approval the Fiscal Year 2011 Operating Budget Revision Number One as incorporated into this resolution as “Exhibit A.” NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY AS FOLLOWS: A. That, for the purpose of carrying out the operations of the University for the fiscal year, which begins October 1, 2010 and ends September 30, 2011, 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 FY2011 Operating Budget Resolution Revision Number One expenditures in the Fiscal Year 2010-2011 Operating Budget Revision Number One are as follows: i) Total revenues of $50,464,814; and ii) Total expenditures and transfers of $50,434,601 and a residual balance of $30,213. 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 do 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 its meeting on Saturday, June 12, 2010 as recorded in said minutes. _____________________________________ _____________________________ Secretary of the Board Date FY2011 Operating Budget Resolution Revision Number One EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCAL YEAR 2011 OPERATING BUDGET REVISION NUMBER ONE FISCAL YEAR 2011 Revision #1- Proposed REVENUES FY2011 Approved Budget Adjustments Proposed Budget Tuition & Fees $ 11,892,227 $ 175,200 $ 12,067,427 Appropriations $ 30,319,056 $ - $ 30,319,056 Government Grants & Contracts $ 910,000 $ - $ 910,000 Private Grants & Contracts $ 1,040,447 $ - $ 1,040,447 Investments $ 250,000 $ - $ 250,000 Sales & Services Education $ 4,000 $ - $ 4,000 Sales & Services Auxiliary $ 5,609,632 $ - $ 5,609,632 Other Revenues $ 264,252 $ - $ 264,252 Total Revenues $ 50,289,614 $ 175,200 $ 50,464,814 FISCAL YEAR 2011 Revision #1- Proposed EXPENDITURES FY2011 Approved Budget Adjustments Proposed Budget Instruction $ 11,851,342 $ 149,050 $ 12,000,392 Research $ 746,301 $ - $ 746,301 Public Service $ 976,315 $ - $ 976,315 Academic Support $ 3,992,718 $ - $ 3,992,718 Student Services $ 3,995,217 $ - $ 3,995,217 Institutional Support $ 12,540,758 $ - $ 12,540,758 Operations/Maintenance of Plant $ 8,802,338 $ - $ 8,802,338 Student Aid $ 441,027 $ - $ 441,027 Auxiliary Enterprises $ 5,572,298 $ - $ 5,572,298 Transfers $ 1,367,237 $ - $ 1,367,237 Total Expenditures & Transfers $ 50,285,551 $ 149,050 $ 50,434,601 Net Operating Position $ 4,063 $ 26,150 $ 30,213