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aon FISCAL Y 1 -1996 (A) Authorizing the establishment of FY95-96 funding levels for operating, debt service and other Legislatively mandated programs in keeping with budget projections. (B) Authorizing designated transfers between fund groups for matching support, quasi-endowment, capital support and other purposes in order to carry out the budget provisions approved; WHEREAS, the Legislature appropriated $21,675,000 to the University for fiscal 1994-95 in support of general operations and legislatively mandated programs; and WHEREAS, the Office of Management and Budget has advised that only $19,200,000 will be allotted to the University for fiscal 1994-95; and WHEREAS, University internal revenue sources are projected to remain relatively unchanged at $8,385,800 for fiscal year 1995-96; and WHEREAS, the Governor's recommended level of support for the University is $20,000,000 for FY95-96 (Debt Service - $640,000, Academic and Cultural Award Endowment - $240,000, Veterans Tuition - $110,000, Lump-sum for regular operations and other programs - $19,000,000) compared to the University's request of $25,664,388 (General Operations - $20,490,772, Debt Service - $2,609,388, Capital - $1,609,228, SBDC - $300,000, Veterans Tuition - $150,000, Senior Citizens - $5,000, National Guard Tuition Exemptions - $10,000 and Val and Sal Scholarships - $240,000); and WHEREAS, the line-item recommendation by the Governor of $640,000 for Debt Service is substantially lower than the amount of $2.6 million required, and the University will seek to get this item fully funded at the required level; ._ NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY THAT: Section 1. In the event the Legislature funds the University as recommended by the Governor at $20.0 million, the lump-sum line-item appropriation of $19.0 million be allocated as follows: Budget Resolution Fiscal Year 1995-1996 (c) To make necessary transfers of allotted amounts received from the Government for debt service and Legislatively mandated programs to the appropriate fund group to fulfill the purposes designated. (d) To transfer allowances for matching funds including amounts for land grant and student loans to the appropriate fund groups. (e) In keeping with the standing policy of the Board of Trustees, to fund minor capital and replacement and renewals of equipment from operating savings, and to transfer such amounts to the extent of funds available, to the appropriate fund groups. (£) To effect the transfer between funds of such other amounts as are necessary to carry out the provisions of the budget policies adopted for the fiscal year. Section 5: 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 Sunday, July 8, 1995, as recorded in the minutes of said meeting. Secretary of the Board