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BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2014-2015 Resolution approving the Fiscal Year 2014-2015 Operating Budget for the University of the Virgin Islands WHEREAS, via letter dated February 14, 2014, from the Office of Management and Budget (OMB) of the Government of the Virgin Islands, the University of the Virgin Islands (University) was informed that the Fiscal Year 2015 expenditure ceiling would be $28,251,847, $1,803,309 less than the amount appropriated for Fiscal Year 2014; and WHEREAS, the President of the University submitted a letter to the Governor of the US Virgin Islands, asking for consideration of the University’s FY2015 appropriation level being restored to the FY2014 appropriation level of $30,055,156, and the consideration was granted; and WHEREAS, on May 12, 2014, 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 $46,904,642 and expenditures and transfers of $46,904,642 for Fiscal Year 2015, which is incorporated into this resolution as “Exhibit A.” 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 begins October 1, 2014 and ends September 30, 2015, 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 2014-2015 Operating Budget are as follows: i) Total revenues of $46,904,642; and ii) Total expenditures and transfers of $46,904,642. 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. FY2015 Operating Budget 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 meeting on June 7, 2014 as recorded in the minutes of said meeting. June 7, 2014 Secretary of the Board Date EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCALYEAR 2014-2015 REVENUES FY2014 Approved Budget Adjustment Total FY2015 Proposed Budget Tuition & Fees $13,474,684 $0 $13,474,684 Appropriations $23,308,904 $1,194,407 $24,503,311 Government Grants & Contracts $970,000 $0 $970,000 Private Grants & Contracts $1,040,447 $0 $1,040,447 Investments $250,000 $0 $250,000 Sales & Services Education $4,000 $0 $4,000 Sales & Services Auxiliary $6,507,948 -$150,000 $6,357,948 Other Revenues $304,252 $0 $304,252 Total Revenues $45,860,235 $1,044,407 $46,904,642 EXPENDITURES FY2014 Approved Budget Adjustment Total FY2015 Proposed Budget Instruction $11,541,227 $483,394 $12,024,621 Research $644,712 $25,887 $670,599 Public Service $948,637 $33,355 $981,992 Academic Support $3,183,348 $125,558 $3,308,906 Student Services $3,459,793 $105,665 $3,565,458 Institutional Support $10,303,151 $285,655 $10,588,806 Operations/Maintenance of Plant $7,728,459 $93,804 $7,822,263 Student Aid $557,475 $0 $557,475 Auxiliary Enterprises $6,240,464 -$108,911 $6,131,553 Transfers $1,249,355 -$100,000 $1,149,355 Health Insurance Employer Contribution (Undistributed) $103,614 $103,614 Total Expenditures & Transfers $45,856,621 $1,048,021 $46,904,642 Net Operating Position $3,614 -$3,614 $0