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UNIVERSITY OF THE VIRGIN ISLANDS Resolution approving the Fiscal Year 2006-2007 Operating Budget for the University of the Virgin Islands. WHEREAS, on September 19, 2006, the University Budget Committee voted to recommend to the President’s Cabinet an operating budget of $45,087,218 for Fiscal Year 2006-2007; and WHEREAS, on September 26, 2006 the President’s Cabinet voted to recommend to the Board of Trustees via the Finance and Budget Committee an operating budget of $45,087,218 for Fiscal Year 2006-2007; and WHEREAS, the President has submitted budget guidelines and projected revenues and expenditures to the Board of Trustees for the fiscal year commencing October 1, 2006; and WHEREAS, the Board of Trustees has reviewed and considered said budget guidelines and projected revenues and expenditures. 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 began October 1, 2006 and ends September 30, 2007, the budget guidelines and projected revenues and expenditures proposed by the Administration and subsequently amended by the Finance and Budget Committee of the Board, copies of which are incorporated into this resolution as Exhibit “A”, are hereby approved. The total projected operating revenues and expenditures in the Fiscal Year 2007 Operating Budget are as follows: i) Total operating revenues of $45,087,218; and ii) Total operating expenditures of $45,087,218, including $1,671,878 reserved for implementation of a compensation proposal based on the results of a Position Classification Study being conducted by a consultant retained by the University. 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, November 11, 2006, as recorded in the minutes of said meeting. AX. \1 {20 | 200% Chairmap Date of oard Lt ses WNWoev, 20, 200 / Secretary of the Board_7 Date EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCALYEAR 2006-2007 OPERATING BUDGET Tuition & Fees 8,858,986 265,770 $ 9,124,756 26,017,126 3,501,930 $ 29,519,056 Appropriations - Government Grants & Contracts 310,000 $ 310,000 Private Grants & Contracts 1,240,447 - $ 1,240,447 Investments 250,000 (125,000) $ 125,000 - $ 4,000 Sales & Services Education 4,000 - Sales & Services Auxiliary 4,499,707 $ 4,499,707 Other Revenues 264,252 - $ 264,252 Total 41,444,518 $ 3,642,700 $ 45,087,218 Labor Expenditures $ 28,279,286 - $ 28,279,286 $ 130,000 Health Insurance Premium 130,000 Performance Incentive Program 200,000 $ 200,000 Direct Expenditures 6,527,621 682,284 $ 7,209,905 150,000 $ 150,000 Position Classification Study Plant and Equipment Renewal 1,108,538 $ 1,108,538 Legal Services 218,000 - $ 218,000 Auditing Fees and Services 315,000 - $ 315,000 - $ 2,221,607 Insurance 2,221,607 Utilities 1,852,065 300,000 $ 2,152,065 Non Need Work Study 153,430 $ 153,430 Transfers 1,877,509 (600,000) $ 1,277,509 Total 41,444,518 1,970,822 $ 43,415,340 “Net OperatingPosition = $ «= = - $ 1,674,878 $ 1,671,878 — Assumptions 1. The receipt of $33,700,000 in appropriation from the Government of the Virgin Islands as approved in Act No. 6886. 2. The availability of $1,671,878 to address compensation adjustments resulting from the Position Classification Study. 3. The compensation adjustment plan will be presented to the Board of Trustees at the Spring 2007 meeting. so acsipiinentitaiaien hails