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BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2012-2013 Resolution approving the Fiscal Year 2012-2013 Operating Budget for the University of the Virgin Islands WHEREAS, via letter dated February 13, 2012 from the Office of Management and Budget of the Government of the Virgin Islands, the University was informed that the Fiscal Year 2013 expenditure ceiling would be $28,104,581 which is $3,514,171 less than the University’s Fiscal Year 2012 appropriation which also included a one-time amount of $10,000 for the implementation of Act 7261; and WHEREAS, on April 30, 2012, the University Budget Committee (UBC) voted to recommend to the President of the University of the Virgin Islands (“University”) an operating budget consisting of revenues of $44,939,888 and expenditures and transfers of $44,936,274 for Fiscal Year 2013 based on the assumption that the University would receive total operating appropriations of $22,908,637 from the Government of the Virgin Islands for operations in that fiscal year; and WHEREAS, the President of the University accepted the recommendation of the UBC and forwarded same to the Finance and Budget Committee of the Board of Trustees for consideration; and WHEREAS, on May 16, 2012, 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 $44,939,888 and expenditures and transfers of $44,936,274 for Fiscal Year 2013, which is 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 begins October 1, 2012 and ends September 30, 2013, 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 2012-2013 Operating Budget are as follows: i) Total revenues of $44,939,888; and ii) Total expenditures and transfers of $44,936,274 and a residual balance of $3,614. 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. FY2013 Operating Budget Resolution 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 June 9, 2012 as recorded in the minutes of said meeting. June 9, 2012 Secretary of the Board Date EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCALYEAR 2012-2013 REVENUES FY2012 Rev #1 - Approved Budget Adjustment Total FY2013 Proposed Budget Tuition & Fees $12,954,604 $0 $12,954,604 Appropriations $26,412,808 ($3,504,171) $22,908,637 Government Grants & Contracts $970,000 $0 $970,000 Private Grants & Contracts $1,040,447 $0 $1,040,447 Investments $250,000 $0 $250,000 Sales & Services Education $4,000 $0 $4,000 Sales & Services Auxiliary $6,076,908 $431,040 $6,507,948 Other Revenues $304,252 $0 $304,252 Total Revenues $48,013,019 ($3,073,131) $44,939,888 EXPENDITURES FY2012 Rev #1 - Approved Budget Adjustment Total FY2012 Proposed Budget Instruction $11,662,713 ($190,144) $11,472,569 Research $652,601 ($98,489) $554,112 Public Service $960,298 ($14,807) $945,491 Academic Support $3,517,533 ($350,201) $3,167,332 Student Services $3,736,416 ($291,688) $3,444,728 Institutional Support $11,393,161 ($1,212,538) $10,180,623 Operations/Maintenance of Plant $8,070,181 ($1,276,056) $6,794,125 Student Aid $559,469 ($1,994) $557,475 Auxiliary Enterprises $5,864,930 $375,534 $6,240,464 Transfers $1,449,355 $0 $1,449,355 Health Insurance Employer Contribution (Undistributed) $130,000 $130,000 Total Expenditures & Transfers $47,866,656 ($2,930,382) $44,936,274 Net Operating Position $146,363 $142,749 $3,614