BUDGET RESOLUTION — January 28, 2005
UNIVERSITY OF THE VIRGIN ISLANDS BUDGET RESOLUTION FISCAL YEAR 2005-2006 Authorizing the FY 2006 appropriation request for operating, debt service and other mandated programs. WHEREAS, the sustainable budget plan was presented to the Board at its Summer 2002 meeting, and WHEREAS, the University received communication dated January 28, 2005 from the Office of Management and Budget (OMB) of the Government wherein OMB was issuing the Fiscal Year 2006 Budget Call. OMB advised the University of its General Fund Expenditure Ceiling of $27,598,070, based on projected revenues for Fiscal Year 2006 for the Government of the Virgin Islands, and WHEREAS, the Virgin Islands Government appropriation to the University for FY 2005 was as follows: Regular Operating Appropriation....,..........:.0ceeeeeeeeeeeeeues $23,217,126 Diet BEtVIGe AOTODTIANION..................osessesseccsssnensooonstenssenssansnasons 3,192,205 Wet eat ee Tr ANON gos ce oss ca oo ss 550 cs sci so occisesscdceucecccouotwoneeneveeeneeneesteceroceee 184,243 I IN oiigeicce.0s00.saadossssencounssysuerevoepeean ee uenal 37,773 SR i …
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UNIVERSITY OF THE VIRGIN ISLANDS BUDGET RESOLUTION FISCAL YEAR 2005-2006 Authorizing the FY 2006 appropriation request for operating, debt service and other mandated programs. WHEREAS, the sustainable budget plan was presented to the Board at its Summer 2002 meeting, and WHEREAS, the University received communication dated January 28, 2005 from the Office of Management and Budget (OMB) of the Government wherein OMB was issuing the Fiscal Year 2006 Budget Call. OMB advised the University of its General Fund Expenditure Ceiling of $27,598,070, based on projected revenues for Fiscal Year 2006 for the Government of the Virgin Islands, and WHEREAS, the Virgin Islands Government appropriation to the University for FY 2005 was as follows: Regular Operating Appropriation....,..........:.0ceeeeeeeeeeeeeues $23,217,126 Diet BEtVIGe AOTODTIANION..................osessesseccsssnensooonstenssenssansnasons 3,192,205 Wet eat ee Tr ANON gos ce oss ca oo ss 550 cs sci so occisesscdceucecccouotwoneeneveeeneeneesteceroceee 184,243 I IN oiigeicce.0s00.saadossssencounssysuerevoepeean ee uenal 37,773 SR i ssssrsisarcisss....-0-eseesssensereseusiydeinselaeeaennanpemreern 300,000 UPS cePeSeted Gs AECL ED 055s cs cq cs...--sneseiencenncsdnsdoaeeasetipagiannenentameeateo! 176,723 Valedictorian and Salutatorian Scholarships ............::.cccesccesseseeseeeees 240,000 PUTAS CIA) WSIS, ..........0cccsccanssercesessrsnvesceeslteatinscaracsanen 250,000 Tes an aaa Bas cas cia sivstivoiaceese...00.cceselsovcsbigds aps OMG ge $27,598,070 WHEREAS, that level of appropriation enabled the University to fund the following: (a) The cost to provide legislatively mandated programs for veterans, senior citizens, the National Guard, valedictorians, salutatorians, academic and cultural awards endowments and the SBDC local match; and WHEREAS, a modest provision of $1,108,538 to offset costs for more pressing equipment replacement needs and incidents of plant deterioration which have remained unaddressed for the past several years. NOW THEREFORE BE IT RESOLVED AS FOLLOWS: Section 1. That the University is authorized to request the sum of $24,668,879 in its FY 2006 appropriation to cover recommended general salary and inflationary adjustments for operations. FY 2006 Budget Resolution Section 2. Section 3. Section 4. That for the purpose of financing the operations of the University, meeting debt service requirements, plant and equipment renewals and replacements, funding Legislatively Mandated Programs, and providing for other purposes and requirements, the President and the Vice President for Administration and Finance are authorized to prepare, and present for Legislative consideration the following appropriation request: Regular Operating Appropriation .0...........ccseesseessseeeeeeeeeseeees $24,668,879 Tee FA CIINION......;.........csesencevesnsssiorensnovvecenbescstecieesses 3,192,205 Plant and Equipment Renewals and Replacements ................0:008 1,108,538 acs cnn cic 0c% «+ 0000ssnacveusaerdcoeunueett tek Meee imiaeinatereure 184,243 Senior Citizens Tuition..................... ssossoseosessnnonsngns tereoiaamstbegs Chardhsiientns Sito Pe I 1, 5 <cenyanssssscesonsncransebhaedasensia sell guaeeenenreneeunnel 300,000 De, Foose issicsiss......00sscsdeiass savsessanvappvbadonaeeunen aasevube 176,723 Valedictorian and Salutatorian Scholarships .............::ssceseeseesseeeees 240,000 PCRS UE! AAWOKGS.............000cesccesscessrsacconvoancugessestoctsceessaan 250,000 MMi ETS al Gaga saa sn cadtinagioascos+o+sssonsnziecensadyr atunikehaeeni $30,158,361 That this resolution shall be in full force and effect from and after its adoption. That this resolution was approved by the Finance and Budget Committee on February 10, 2005, pursuant to authorization from the Executive Committee and is forwarded to the Board of Trustees for ratification. 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 its meeting on Saturday, March 12, 2005 as recorded in said minutes. adi ©Z-1e- 65 i ie of the Boatd~ Date oS te — o> Ai\. of the Board Date