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UNIVERSITY OF THE VIRGIN ISLANDS Resolution approving the Fiscal Year 2007-2008 Operating Budget for the University of the Virgin Islands. WHEREAS, on April 30, 2007, the University Budget Committee voted to recommend to the President’s Cabinet an operating budget of $48,607,276 for Fiscal Year October 1, 2007 through September 30, 2008; and WHEREAS, on May 16, 2007 the President’s Cabinet voted to recommend to the Board of Trustees, via the Finance and Budget Committee, an operating budget of $48,607,276 for Fiscal Year 2007-2008; and Whereas, the University’s vice president for administration & finance submitted that budget, with budget assumptions and projected revenues and expenditures, to the Finance and Budget Committee of the Board of Trustees for the Committee’s review and for the Committee’s submission of a recommendation thereon to the Board; and WHEREAS, on May 30, 2007 the Finance and Budget Committee of the Board of Trustees unanimously recommended to the Board of Trustees the approval of that budget for Fiscal Year 2007-2008. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF THE VIRGIN ISLANDS AS FOLLOWS: A. That, for the purpose of carrying out the operations of the University for the fiscal year, which begins October 1, 2007 and ends September 30, 2008, 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 2008 Operating Budget are as follows: i) Total revenues of $48,607,276; and ii) Total expenditures of $48,607,276. 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 a regular meeting on Saturday, June 16, 2007, as recorded in the minutes of said meeting. bo- 27 OT Chairman o Board Date Li eae yas 22, A007] /Sectetary of the Board | : ail Date UNIVERSITY OF THE VIRGIN ISLANDS REVENUES Tuition & Fees Appropriations Government Grants & Contracts Private Grants & Contracts Investments Sales & Services Education Sales & Services Auxiliary Other Revenues Total Revenues EXPENDITURES Instruction Research Public Service Academic Support Student Services Institutional Support Operations/Maintenance of Plant Student Aid Auxiliary Enterprises Transfers Transfers-Plant & Equip Renewal Total Expenditures Net Operating Position FISCALYEAR 2007-2008 OPERATING BUDGET 2008 Baseline Budget Adjustments $ 9,324,756 $ 279,740 $ 29,519,056 $ 2,615,052 $ 310,000 $ = $ 1,240,447 $ - $ 125,000 $ - $ 4,000 $ - $ 4,924,973 $ - $ 264,252 $ - $ 45,712,484 $ 2,894,792 $ 10,768,104 $ 326,895 $ 699,295 $ 50,196 $ 911,978 $ 30,470 $ 1,880,971 $ 393,348 $ 3,645,071 $ 144,316 $ 12,727,578 $ 682,181 $ 6,827,036 $ 1,158,086 $ 470,918 $ = $ 5,028,169 $ - $ 1,644,826 $ 109,300 $ 1,108,538 $ - $ 45,712,484 $ 2,894,792 EXHIBIT A Adopted 2008 Budget $ 9,604,496 $ 32,134,108 $ 310,000 $ 1,240,447 $ 125,000 $ 4,000 $ 4,924,973 $ 264,252 $ 48,607,276 $ 11,094,999 $ 749,491 $ 942,448 $ 2,274,319 $ 3,789,387 $ 13,409,759 $ 7,985,122 $ 470,918 $ 5,028,169 $ 1,754,126 $ 1,108,538 $ 48,607,276