USVI Public Records

Document text

UNIVERSITY OF THE VIRGIN ISLANDS BOARD OF TRUSTEES RESOLUTION Ratifying the Executive Committee’s approval of the FY 2009 appropriation request for operating, debt service and other mandated programs. WHEREAS, the University received communication dated January 28, 2008 from the Office of Management and Budget (OMB) of the Government wherein OMB issued the Fiscal Year 2009 Budget Call and informing the University of its General Fund Expenditure Ceiling of $34,740,830, based on projected revenues for Fiscal Year 2009 for the Government of the Virgin Islands; and WHEREAS, the Virgin Islands Government appropriation to the University for FY 2008 was as follows: Regular Operating Appropriation................:s:ssseeeeeeeee eres $29,519,056 Debt Service Appropriation ...........::s:ccssccesesseeseeeseseneseeeeseeeenes 3,192,205 ier CPA TAPn MRE NE VEU eee 5 ca cdaccc Ss 0s oceessnde csebatoatssgearibeses eoterereeeres 184,243 SS foray sata ANT. sooo chanson» anno ndeavcuUencuseac sae sde ssuenesencesteaecees S057 15 SBDC Appropriation .............ccccccesessceseeeeeeeeeseesseeseesensseeeeneeneeneenees 300,000 PS aT ies aes HR UENO Nooo acs svc ca Satsses cise aceuecdabcnevassna.sesceeweeseetocesn ens 176,723 Valedictorian and Salutatorian Scholarships.............:::::sseeeeeeseeeees 240,000 ANCHO CIO Gr CUTE OAWAICS ......:.......sees-vecerenssdessavessssseeesaseesessenes 250,000 Community Engagement & Lifelong Learning (CELL) ................. 100,000 ERs Roy Allg er ean ee MEMO =.” Ra peer r ooue $34,000,000 WHEREAS, that level of appropriation enabled the University to fund the following: (a) The cost of employee salaries and benefits, books, equipment, contracted services, incidental expenses, utilities and other expenses related to the operations of the University; and (b) The cost to provide legislatively mandated programs for veterans, senior citizens, the National Guard, valedictorians, salutatorians, academic and cultural awards endowments, SBDC local match and CELL; and WHEREAS, on November 3, 2007 the Board of Trustees of the University of the Virgin Islands approved a resolution authorizing the Executive Committee of the Board of Trustees to approve the Fiscal Year 2009 Appropriation Request to the Government of the Virgin Islands and the Fiscal Year 2009 Operating Budget; and WHEREAS, on February 13, 2008 the Finance and Budget Committee of the Board of Trustees unanimously voted to recommend to the Executive Committee of the Board of Trustees the approval of an appropriations request of $39,218,859 for Fiscal Year 2008-2009 based on the following assumptions - salary adjustment ($710,809), increase in health insurance premium contribution ($130,000), increase in employer contribution retirement benefits ($740,830), increase in cost of utilities ($1,269,000), 10% increase in other operating costs ($291,540), compliance/presidential search/president’s sabbatical expenses ($200,000), plant and equipment renewal ($1,164,280), and Vision 2012 initiatives ($712,400); and WHEREAS, on February 14, 2008 the Executive Committee of the Board of Trustees reviewed and approved the appropriation request in the amount of $39,21 8,859; and UNIVERSITY OF THE VIRGIN ISLANDS FY09 PROPOSED BUDGET REQUEST (Virgin Islands Government Appropriation) Exhibit A General Operating Requirements $29,519,056 $33,573,635 $4,054,579 Debt Service 3,192,205 3,192,205 - Plant and Equipment Renewal 1,164,280 1,164,280 SBDC Local Matching Requirements 300,000 300,000 - Veterans Tuition Requirements 184,243 184,243 r Senior Citizens Tuition Requirements 37,773 37,773 - National Guard Tuition Requirements 176,723 176,723 “ Beeps es & Salutatorian 240,000 240,000 : se ie : Cultural Awards 250,000 250,000 : i th Engagement and Lifelong 100,000 100,000 : Total Operating Requirements $34,000,000 $39,218,859 $5,218,859 OS aS Assumptions Salary adjustment ($710,809) Health Insurance Premium ($130,000) Employer Retirement Contribution Increase ($740,830) Utilities increase ($1,269,000) 10% increase in operating costs exclusive of utilities ($291,540) Compliance/Presidential Search/President's Sabbatical ($200,000) Plant and equipment renewal ($1,164,280) Vision 2012 Initiatives ($712,400)