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BOARD OF TRUSTEES UNIVERSITY OF THE VIRGIN ISLANDS OPERATING BUDGET RESOLUTION FISCAL YEAR 2010-2011 REVISION NO. 3 Resolution approving the Fiscal Year 2010-2011 Operating Budget, Revision Number Three, for the University of the Virgin Islands WHEREAS, on February 4, 2010, the President of the University of the Virgin Islands (“University”) forwarded to the Board of Trustees of the University, via the Finance and Budget Committee of the Board of Trustees (“Finance and Budget Committee”), an operating budget of $50,289,614 for Fiscal Year 2010-2011; and WHEREAS, on February 9, 2010, the Finance and Budget Committee voted to recommend to the Executive Committee of the Board of Trustees (“Executive Committee”) the approval of an operating budget of $50,289,614 for Fiscal Year 2010-2011; and WHEREAS, on February 16, 2010, the Executive Committee approved the budget of $50,289,614 for Fiscal Year 2010-2011; and WHEREAS, on March 13, 2010, the Board of Trustees ratified that action of the Executive Committee; and WHEREAS, on March 13, 2010, the Board of Trustees approved a Master of Arts program in Psychology; and WHEREAS, based on the addition of the Master of Arts program in Psychology, the Administration submitted revised revenue and expenditures assumptions for Fiscal Year 2011 Operating Budget; and WHEREAS, on May 13, 2010, the Finance and Budget Committee reviewed projected revenues of $175,200 and expenditures of $149,050 resulting from this program, and voted to recommend to the Board of Trustees the approval of Fiscal Year 2011 Operating Budget, Revision Number One, which incorporates those additional revenues and expenditures; and WHEREAS, on June 12, 2010, the Board of Trustees approved Fiscal Year 2011 Operating Budget, Revision Number One, consisting of total revenues of $50,464,814, total expenditures and transfers of $50,434,601, and a residual balance of $30,213; and WHEREAS, due to the reduction in appropriations to the University for operations in the amount of $1,035,000 and other operating considerations, the Administration proposed revising the revenues and the expenditures and transfers for Fiscal Year 2011; and WHEREAS, on December 14, 2010, the Finance and Budget Committee reviewed the Administration’s proposed revised revenues of $50,234,826 and expenditures and transfers of $50,224,876 and voted to recommend to the Board of Trustees the approval of Fiscal Year 2011 Operating Budget, Revision Number Two, reflecting those revisions; and WHEREAS, on January 14, 2011, the Executive Committee approved Fiscal Year 2011 Operating Budget, Revision Number Two, consisting of total revenues of $50,234,826 and total expenditures and transfers of $50,224,876, and a residual balance of $9,950; and FY2011 Operating Budget Resolution Revision Number Three WHEREAS, on March 12, 2011 the Board of Trustees ratified that action of the Executive Committee; and WHEREAS, due to a reduction in the appropriation-allotments to the University for operations in the amount of $991,912 and other operating considerations, the Administration proposed revising the revenues and expenditures and transfers for Fiscal Year 2011; and WHEREAS, on May 19, 2011, the Finance and Budget Committee reviewed the proposed revised revenues of $49,242,914 and expenditures and transfers of $49,232,188 and voted to recommend to the Board of Trustees the approval of Fiscal Year 2011 Operating Budget, Revision Number Three, incorporated into this resolution as “Exhibit A.” NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY AS FOLLOWS: A. That, for the purpose of carrying out the operations of the University in the fiscal year, which began October 1, 2010 and ends September 30, 2011, projected revenues and expenditures proposed by the Administration, which are incorporated into this resolution as Exhibit “A”, are hereby approved. The total projected operating revenues and expenditures in the Fiscal Year 2011 Operating Budget, Revision Number Three, are as follows: i) Total revenues of $49,242,914; and ii) Total expenditures and transfers of $49,232,188 and a residual balance of $10,726. 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. 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 Saturday, June 11, 2011 as recorded in the minutes of said meeting. June 11, 2011 Secretary of the Board Date FY2011 Operating Budget Resolution Revision Number Three EXHIBIT A UNIVERSITY OF THE VIRGIN ISLANDS FISCAL YEAR 2011 OPERATING BUDGET REVISION NUMBER THREE REVENUES FY2011 Rev #2 - Approved Budget Adjustment Total FY2011 Rev #3 -Proposed Budget Tuition & Fees $12,267,427 $0 $12,267,427 Appropriations $29,599,464 ($991,912) $28,607,552 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 $5,839,236 $0 $5,839,236 Other Revenues $264,252 0 $264,252 Total Revenues $50,234,826 ($991,912) $49,242,914 EXPENDITURES FY2011 Rev #2 - Approved Budget Adjustment Total FY2011 Rev #3 -Proposed Budget Instruction $11,868,439 ($25,058) $11,843,381 Research $743,048 $0 $743,048 Public Service $1,089,133 $0 $1,089,133 Academic Support $3,904,119 ($190,656) $3,713,463 Student Services $3,896,460 ($133,399) $3,763,061 Institutional Support $11,918,486 ($560,799) $11,357,687 Operations/Maintenance of Plant $8,776,886 ($82,776) $8,694,110 Student Aid $534,147 $0 $534,147 Auxiliary Enterprises $5,787,548 $0 $5,787,548 Transfers $1,367,237 0 $1,367,237 Health Insurance Employer Contribution (60%) $ 339,373 $0 $339,373 Total Expenditures & Transfers $50,224,876 ($992,688) $49,232,188 Net Operating Position $9,950 $776 $10,726