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UNIVERSITY OF THE VIRGIN ISLANDS BOARD OF TRUSTEES RESOLUTION Authorizing the University to use up to $1.5M from the Quasi-Endowment Fund which would assist with the provision of funds to offset the $2.2M reduction in Government of the Virgin Islands appropriations. WHEREAS, Act No. 6538 (Bill No. 24-0266) enacted by the Twenty-fourth Legislature of the Virgin Islands of the United States authorized the appropriation of $29,050,600 to the University of the Virgin Islands for Fiscal Year ending September 30, 2003; and WHEREAS, on or about February 6, 2003, the University of the Virgin Islands received communication that based on a five-percent (5%) reduction in allotments, the revised allotment amount for Fiscal Year ending September 30, 2003 was $27,598,070; and WHEREAS, the Executive Budget of the Government of the Virgin Islands recommends the amount of $25,342,414 for the University of the Virgin Islands for Fiscal Year ending September 30, 2004; and WHEREAS, the reduction of $2,255,656 ($27,598,070-$25,342,414) represents an eight-percent (8%) reduction in the University’s operating funds; and WHEREAS, in recognition of the projected reduction, the University has developed strategies that would produce approximately $1,232,500 from various sources of funds as referenced in Schedule I (attached); and WHEREAS, the University has determined that $500,000 is needed to provide seed funding for various cost-reduction strategies, and when added to the reduction of $2,255,656 produces a gap in funding for Fiscal Year 2004 in the amount of $2,755,656; and WHEREAS, the University needs approximately $1.5M ($2,755,656-$1,232,500) to close the gap in funding for Fiscal Year 2004; and WHEREAS, Fiscal Year 2004 is the third consecutive year that the faculty and staff of the University will not receive a pay increase; and WHEREAS, the inability of the University to pay annual merit increases harms the University’s ability to retain faculty and staff members with a record of good job performance. | aINpa!!9S \ 000°S26‘Z $ | OOS‘ZrZ‘L $ | OOS‘zEez‘L $ je}0] pues 000°S9S 00S'28z 00S'z8z Salpisqns seuel|ixny Ul UOWONpeYy 000‘00S 000'00r 000‘001 Buunjoniysey sndwed 000‘00€ 000‘08 I 000‘021 ubIsepay SSed01q 000‘001 000'S9 000'SE Dululel | SUOPLOM 000‘009 000‘09€ 000‘0r2 DUIAI Jenuuy 000‘0Sr 000'Szz 000'S2z see4 000‘09r 000‘0€2 000‘0€z uoHIn | ZseoA +1 4PBA | SOOT ABSA JEOSI4 | POO? ABSA jeOSI4 spun, jO S80ino0s jBIOL Z ABSA | 4eOA bulpuny ;euonippy dea, jeosi4 Aq Builpuny poyoeloig spueys| ulbsiA 2uy Jo Ayisusaiun \