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UNIVERSITY OF THE VIRGIN ISLANDS BUDGET RESOLUTION FISCAL YEAR 2003-2004 Authorizing the FY 2004 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 March 3, 2003 from the Office of Management and Budget of the Government requesting submission of a target FY 2004 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 2003 was as follows: Regular Operating Appropriation...............0e-sseeseeeeee eee ens $24,669,656 Debt Service Appropriation..................s.sssssesssensseneetseossessntecnares 3,192,205 a ATED sos va aisnsicskeveveno0++-<coveninssusnecisbegu Galen ammmaS tnewemey ance 184,243 Bad i E CE ZGLIS ek ETL OD) si civacess.....0ccacocencodeesdever Ore ae ea nen Ese eempeel Cee eee 371713 BBC Appropriation ........................ssssasecsssesnonebanesneaneatneeanaiinsene atnte 300,000 GRICE CGUIATC LILLION .......0<..--....--os00eeesdeaswasenscecepes ueeeneemmetereneseseress 176,723 Valedictorian and Salutatorian Scholarships ...........cscccessessseesseeeees 240,000 Aemneue oe Cultiival AWArds............00cisss<csnceverenensnespsasbanmets tencegeeen 250,000 acl ssdtctigsssiavassssnisisccsss..«s.2sackegevienieos $29,050,600 WHEREAS, that level of appropriation enabled the University to fund the following: (a) 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 2003 is approximately $4,236,937, 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 FY 2004 Budget Resolution WHEREAS, a general adjustment of 4.5% designed to partially offset the cost of inflation over the past five years would be approximately $1,305,915, and WHEREAS, a modest provision of $1,025,000 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. That the University is authorized to request an increase in its appropriation over FY 2003 of $6,567,852 to cover recommended merit and general salary, plant and equipment renewals and replacements, and inflationary adjustments. Section 2. 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 ............:sosesssssesssisssetseessansives $24,669,656 Appropriation for Recommended Merit, and Other BRE PCUEIIICIIS ....................-s0eeecssanroecennd he enana Ena ae 5,542,852 Det Service Appropriation .............csissvsscsveesesosees cianemasupmeeereat 3,192,205 Plant and Equipment Renewals and Replacements ............:0::e0:+++ 1,025,000 NEE EOE oa oss cccdc css vaaises-0-...a<<cccpuauniincecvaieruenslea aninnEt nnn ma auaier ics 184,243 Rt ERA TATION .....;...:...........sessswsadacnnennsvqeeialin aie tne tenes cianenl 37,773 Bg RGIOD. 45... cpsresce.-ssccosconsnsavsnesdonsctanennnsanateesSUbsaereaseneeee 300,000 PUREE. FUTON oes cscci;.........scesdascssesynteient eee ee ares 176,723 Valedictorian and Salutatorian Scholarships ...........:::::csscsseesseeeees 240,000 peers oe Cultural AWALdS.............c:.oscocnceesssaasivageeieeemanetaietaaet ogo. 250,000 Ree scx 5 ra6caevenessstecxcesancutjeess0+eeseseivveesnnce insect nan $35,618,452 Section 3. That this resolution shall be in full force and effect from and after its adoption. 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 its meeting on Saturday, June 21, 2003 as recorded in said minutes. kph). y Ow - 24-02 Secretary of the Board / . Date