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BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2015-2016 REVISION NO. 1 Resolution approving the Fiscal Year 2015-2016 Operating Budget Revision Number One 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, WHEREAS, due to the decline in projected revenue and an increase in expenditures the Administration proposed revising the revenues and the expenditures and transfers for Fiscal Year 2016; and WHEREAS, on February 22, 2016, the Finance and Budget Committee reviewed the Administration’s proposed revised revenues of $45,426,710 and expenditures and transfers of $45,384,422, and a residual balance of $42,288; and voted to recommend to the Board of Trustees approval of Fiscal Year 2016 Operating Budget, Revision Number One as 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, Revision Number One, are as follows: i) Total revenues of $45,426,710; and ii) Total expenditures and transfers of $45,384,422 and a residual balance of $42,288. 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 March 5, 2016 as recorded in the minutes of said meeting. March 5, 2016 _____________________________________ _____________________________ Secretary of the Board Date EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCALYEAR 2015-2016 Approved Revison No. 1 REVENUES FY2016 Operating Budget Total Adjustments FY2016 Proposed Budget Tuition & Fees $13,436,224 -$950,000 $12,486,224 Appropriations $23,902,208 $0 $23,902,208 Government Grants & Contracts $970,000 $0 $970,000 Private Grants & Contracts $1,040,447 $250,000 $1,290,447 Investments $250,000 -$250,000 $0 Sales & Services Education $4,000 $0 $4,000 Sales & Services Auxiliary $6,357,948 $111,631 $6,469,579 Other Revenues $304,252 $0 $304,252 Total Revenues $46,265,079 -$838,369 $45,426,710 Approved Revison No. 1 EXPENDITURES FY2016 Operating Budget Total Adjustments FY2016 Proposed Budget Instruction $12,138,148 -$220,529 $11,917,619 Research $642,883 -$52,064 $590,819 Public Service $904,744 -$135,813 $768,931 Academic Support $3,429,220 -$222,745 $3,206,475 Student Services $3,626,502 -$355,516 $3,270,986 Institutional Support $10,679,756 $39,664 $10,719,420 Operations/Maintenance of Plant $7,072,807 $512,084 $7,584,891 Student Aid $534,650 -$100,000 $434,650 Auxiliary Enterprises $6,087,014 -$291,718 $5,795,296 Transfers $1,149,355 -$54,020 $1,095,335 Total Expenditures & Transfers $46,265,079 -$980,657 $45,384,422 Net Operating Position $0 $42,288 $42,288 UNIVERSITY OF THE VIRGIN ISLANDS FISCAL YEAR 2016 OPERATING BUDGET --REVISION NO. 1