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UNIVERSITY OF THE VIRGIN ISLANDS BUDGET RESOLUTION FISCAL YEAR 2004-2005 Authorizing the FY 2005 appropriation request for operating, debt service and other mandated programs. WHEREAS, the sustainable budget plan was presented to the Board at its Summer 2002 meeting, and WHEREAS, the University received communication dated February 10, 2004 from the Office of Management and Budget of the Government requesting submission of a target FY 2005 appropriation request, to be included in the Executive Budget presentation to the Legislature, and WHEREAS, the Virgin Islands Government appropriation to the University for FY 2004 was as follows: Regular Operating Appropriation. ........--+.s+ssseeseeseeeeeeee ens $23,217,126 Debt Service Appropriation ..........sseseseserseseseseseseserenensreranereseseseenes 3,192,205 Veterans Tuition..............cccccccccccccsccssscsssessssssesnnerceceasasesesceseccesecesenees 184,243 Senior Citizens Tuition ..............ceeeeseeseeeeesseeeeeseeeeeesseeenseesseesenasesnaees S703 SBDC Appropriation .........:cssscseseseseseseseeeeneneneenenenenensnseseseseseeneeneneney 300,000 National Guard Tuition ............ccccccssseceeeeseeceeeeeeeeeeeeeeenenneeeseeeeeneaneeney 176,723 Valedictorian and Salutatorian Scholarships ..........:::csseceeseeereeeeeeees 240,000 Academic & Cultural AwardS..........:cccccssccessseeceseseeesenneseeeseeesenesens 250,000 TE are pas eps Mies 00-0 sunsdndidectnnspeuptuaeoens}sanncteawiccvoes $27,598,070 WHEREAS, that level of appropriation enabled the University to fund the following: (a) The cost of the increase in the group health insurance program for employee medical and dental coverage. (b) The cost to provide legislatively mandated programs for veterans, senior citizens, the National Guard, valedictorians, salutatorians, academic and cultural awards endowments and the SBDC local match. WHEREAS, the University is committed to increasing future salaries of employees by unpaid merit adjustments as funds become available, and it is the policy of the Board of Trustees to include in the University’s annual appropriation budget to the Legislature a request for funds to cover the cost of recommended merit increases for employees, and WHEREAS, the projected cost of recommended merit steps remaining unpaid through FY 2004 is approximately $4,685,848, and WHEREAS, the University is also committed to general adjustments in order to develop and maintain levels of employee compensation that are sufficiently competitive to enable the university to carry out its mission, and WHEREAS, a general adjustment of 4.5% designed to partially offset the cost of inflation over the past five years would be approximately $1,345,106, and FY 2005 Budget Resolution WHEREAS, the University deems it appropriate to request a modest provision of $1,055,750 to offset costs for more pressing equipment replacement needs and incidents of plant deterioration which have remained unaddressed for the past several years; NOW THEREFORE BE IT RESOLVED AS FOLLOWS: Section 1. Section 2. Section 3. That the University is authorized to request an increase in its appropriation over FY 2004 of $7,508,710 to cover recommended merit and general salary adjustments, plant and equipment renewals and replacements, and inflationary adjustments. That for the purpose of financing the operations of the University, meeting debt service requirements, funding Legislatively Mandated Programs, and providing for other purposes and requirements, the President and the Vice President for Administration and Finance are authorized to prepare, and present for Legislative consideration the following appropriation request: Regular Operating Appropriation ...........ssesssessssssserstsesesenenenenes $23,639,132 Appropriation for Recommended Merit, and Other Salary Adjustments.............:scsecseseneeecssecesseeereenes 6,030,954 Debt Service Appropriation ...........:cscssesesereeeseesesesseetseeessseeeeeseenes 3,192,205 Plant and Equipment Renewals and Replacements ............-::++++++4 1,055,750 Veterans Tuition...........c.ccesccosscssccscsssssennsenenceneseseedaseraesscssensosscsensens 184,243 Senior Citizens Tuition .................sssssccsssssccsssecesssecesesseesssscesscesereesnes ey Pw SBDC Appropriation .........cccccccsesceseseseeeeeeteteeseesenssssesessseeesssenenenneney 300,000 National Guard Tuition .................scsscsssesssesseesesesssesresssessssessreesseeees 176,723 Valedictorian and Salutatorian Scholarships ...........::sssesseesseseesseeeees 240,000 Academic & Cultural Awards.............:cccsscesseesseesseseseeteenseseneseeeennees 250,000 PM ORAL alse occas hw Aarne secs avn ssvenssaguatinggetensevepounioubetwlptannesal $35,106,780 That this resolution shall be in full force and effect from and after its adoption. CERTIFICATION The Undersigned 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 its meeting on Saturday, June 19, 2004 as recorded in said minutes. Chairman of the Board Date Date