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BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2015-2016 Resolution approving the Fiscal Year 2015-2016 Operating Budget for the University of the Virgin Islands WHEREAS, via letter dated January 29, 2015, from the Office of Management and Budget (OMB) of the Government of the Virgin Islands (GVI), the University of the Virgin Islands (University) was informed that the Fiscal Year 2016 appropriations request was due February 20, 2015; and WHEREAS, via email dated January 29, 2015, from the OMB of the GVI, the UVI was informed that the expenditure ceiling for Fiscal Year 2016 would be set at the same level as the FY2015 Appropriation, which is $29,554,053; and WHEREAS, on February 20, 2015 the University submitted its Fiscal Year 2015-2016 appropriation request of $29,654,053 to the Honorable Kenneth E. Mapp, Governor of the US Virgin Islands; and WHEREAS, on October 8, 2015, 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 $46,265,079 and expenditures and transfers of $46,265,079 for Fiscal Year 2016, 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 began October 1, 2015 and ends September 30, 2016, 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 2015- 2016 Operating Budget are as follows: i) Total revenues of $46,265,079; and ii) Total expenditures and transfers of $46,265,079. 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. FY2016 Operating Budget Resolution P a g e | 2 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 October 24, 2015 as recorded in the minutes of said meeting. October 24, 2015 _____________________________________ _____________________________ Secretary of the Board Date EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCALYEAR 2015-2016 REVENUES FY2015 Operating Budget Total Adjustments FY2016 Proposed Budget Tuition & Fees $13,474,684 -$38,460 $13,436,224 Appropriations $24,503,311 -$601,103 $23,902,208 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 $6,357,948 $0 $6,357,948 Other Revenues $304,252 $0 $304,252 Total Revenues $46,904,642 -$639,563 $46,265,079 EXPENDITURES FY2015 Operating Budget Total Adjustments FY2016 Proposed Budget Instruction $12,070,539 $67,609 $12,138,148 Research $655,572 -$12,689 $642,883 Public Service $924,885 -$20,141 $904,744 Academic Support $3,499,867 -$70,647 $3,429,220 Student Services $3,703,246 -$76,744 $3,626,502 Institutional Support $11,129,733 -$449,977 $10,679,756 Operations/Maintenance of Plant $7,149,781 -$76,974 $7,072,807 Student Aid $534,650 $0 $534,650 Auxiliary Enterprises $6,087,014 $0 $6,087,014 Transfers $1,149,355 $0 $1,149,355 Total Expenditures & Transfers $46,904,642 -$639,563 $46,265,079 Net Operating Position $0 -$0 -$0 UNIVERSITY OF THE VIRGIN ISLANDS FISCAL YEAR 2016 PROPOSED OPERATING BUDGET