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UVI Moving Forward UVI Moving Forward Spring Convocation 2004 Spring Convocation 2004 Dr. LaVerne E. Ragster Dr. LaVerne E. Ragster President President Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 2 Looking at the Vision Looking at the Vision ƒ As the University looks to the future, it seeks As the University looks to the future, it seeks to facilitate the social and economic to facilitate the social and economic transformation of the Territory by continuing transformation of the Territory by continuing to build an outstanding higher education to build an outstanding higher education institution that is competitive, sustainable, institution that is competitive, sustainable, and increasingly more responsive to the and increasingly more responsive to the needs of the Virgin Islands and Eastern needs of the Virgin Islands and Eastern Caribbean through a University Caribbean through a University-College College model. model. Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 3 Strategic Institutional Goals Strategic Institutional Goals A University that is: A University that is: ¾Financially sustainable & able to fulfill its mission Financially sustainable & able to fulfill its mission ¾Less dependent on VIG appropriations & more Less dependent on VIG appropriations & more dependent on resources over which it has control dependent on resources over which it has control ¾Leaner, more efficient and productive, and Leaner, more efficient and productive, and minimizes negative impacts from government minimizes negative impacts from government adjustments to resource levels adjustments to resource levels Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 4 We Fly and Float We Fly and Float Degrees Research Non Traditional Programs Community Service Research Entrepreneurialism Collaboration Instruction Partnership Public Service Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 5 Recent Success Indicators Recent Success Indicators ƒ EPSCoR funded at $4.5M EPSCoR funded at $4.5M ƒ 2003 Annual Giving Fund surpasses target 2003 Annual Giving Fund surpasses target ƒ Outstanding 2003 Paradise Jam Outstanding 2003 Paradise Jam ƒ 2004 Spring Enrollment 5% above 2003 2004 Spring Enrollment 5% above 2003 Spring Spring ƒ Margin for Excellence Program funded at Margin for Excellence Program funded at $30K $30K Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 6 Fiscal Situation Fiscal Situation ƒ Governor and Legislature propose 2003 Governor and Legislature propose 2003-04 04 budgets of $25M budgets of $25M – 15% reduction from 2002 15% reduction from 2002-03 appropriation 03 appropriation ƒ Gap Budget Plan developed and approved Gap Budget Plan developed and approved by UVI Board, early December 2003. by UVI Board, early December 2003. $2.7M $2.7M Gap in Funding Gap in Funding $2.2M $2.2M Current Reduction in Appropriations Current Reduction in Appropriations $.5M $.5M Seed Funding Seed Funding $1.5M $1.5M Amount Needed to Cover Gap Amount Needed to Cover Gap $1.2M $1.2M Less Amount from FY04 New Funding Sources Less Amount from FY04 New Funding Sources $ 2.7M $ 2.7M Gap in Funding Gap in Funding Recommendation: Request Grant from Quasi-Endowment Fund Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 8 $1,742,500 $1,742,500 $1,232,500 $1,232,500 TOTAL TOTAL $2,975,000 $2,975,000 GRAND TOTAL (2 years) GRAND TOTAL (2 years) $282,500 $282,500 $282,500 $282,500 Reduction in Subsidy Reduction in Subsidy $400,000 $400,000 $100,000 $100,000 Campus Restructuring Campus Restructuring $180,000 $180,000 $120,000 $120,000 Process Redesign Process Redesign $65,000 $65,000 $35,000 $35,000 Workforce Training Workforce Training $360,000 $360,000 $240,000 $240,000 Annual Giving Annual Giving $455,000 $455,000 $455,000 $455,000 Tuition & Fees Tuition & Fees Year 2 Year 2 – FY 05 FY 05 Year 1 Year 1 – FY 04 FY 04 Sources of Funds Sources of Funds Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 9 Fiscal Situation Fiscal Situation ƒ Late December, 2003 Governor vetoes Late December, 2003 Governor vetoes Legislature’s 2003 Legislature’s 2003-04 budget bills. 04 budget bills. ƒ Governor returns appropriation levels to Governor returns appropriation levels to 2002 2002-03. 03. Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 10 10 Moving Forward: Major Activities Moving Forward: Major Activities ƒ Implementation of Gap Budget Initiatives Implementation of Gap Budget Initiatives ƒ Strategic Plan for Development Strategic Plan for Development ƒ Bond Issue for Capital Projects Bond Issue for Capital Projects ƒ Strategic Plan 2000 Strategic Plan 2000-05 Performance 05 Performance Outcomes Outcomes ƒ Preparation for Accreditation Self Preparation for Accreditation Self-Study Study ƒ Full Development of University Full Development of University-College College Vision Vision Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 11 11 Strategic Priorities Strategic Priorities Fiscal Year 2004 and 2005 Fiscal Year 2004 and 2005 ƒ Enrollment Management Enrollment Management ƒ Financial Diversity Financial Diversity ƒ Campus Restructuring Campus Restructuring ƒ Process Redesign Process Redesign ƒ Community Engagement & Lifelong Learning Community Engagement & Lifelong Learning ƒ Research Technology Park Research Technology Park ƒ Marketing & University Relations Marketing & University Relations ƒ Academic Quality Academic Quality - Outcomes Assessment Outcomes Assessment ƒ Student Retention Student Retention ƒ Faculty/Staff Hiring & Retention Faculty/Staff Hiring & Retention ƒ Board of Trustees Engagement Board of Trustees Engagement Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 12 12 Development of University Development of University-College College Vision Vision Early Actions: Early Actions: ƒ Reduce costs to offset projected revenue Reduce costs to offset projected revenue shortfalls shortfalls ƒ Restructure campus academic identities and Restructure campus academic identities and realign and/or consolidate program offerings realign and/or consolidate program offerings ƒ Enhance teaching and student learning Enhance teaching and student learning outcomes outcomes ƒ Redesign work processes and centralize Redesign work processes and centralize administrative functions administrative functions Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 13 13 Development of University Development of University-College College Vision Vision Early Actions: Early Actions: ƒ Increase exponentially grant and contract awards Increase exponentially grant and contract awards ƒ Expand ongoing efforts to offer certification Expand ongoing efforts to offer certification programs, workforce training, consulting services programs, workforce training, consulting services ƒ Market aggressively University to enhance image Market aggressively University to enhance image and reputation and reputation ƒ Generate additional revenues from existing and Generate additional revenues from existing and new sources new sources Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 14 14 Moving Forward: What about Me? Moving Forward: What about Me? ƒ Improvements in communications, focus on Improvements in communications, focus on goals, collaboration by all of us goals, collaboration by all of us ÎÎ ÎÎ Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 15 15 Moving Forward: What about Me? Moving Forward: What about Me? ƒ Improved UVI Image + Increased Improved UVI Image + Increased Excellence in Outputs and Graduates Excellence in Outputs and Graduates ÎÎ ÎÎ Increased (public and private) financial Increased (public and private) financial support support ÎÎ ÎÎ Better compensation for Better compensation for Faculty and Staff and Enhanced Working Faculty and Staff and Enhanced Working conditions conditions Spring Convocation Spring Convocation January 20, 2004 January 20, 2004 16 16 UVI Specializes in Futures UVI Specializes in Futures “I say to you today, my friends, that in spite of the I say to you today, my friends, that in spite of the difficulties and frustrations of the moment, I still have difficulties and frustrations of the moment, I still have a dream". a dream". I dream that through our efforts, the University of the I dream that through our efforts, the University of the Virgin Islands will fulfill its full potential to support the Virgin Islands will fulfill its full potential to support the development of the USVI and empower the people development of the USVI and empower the people of the Caribbean through education. of the Caribbean through education.