UNIVERSITY OF THE VIRGIN ISLANDS

BUDGET RESOLUTION

FISCAL YEAR 2003-2004



Authorizing the FY 2004 appropriation request for operating, debt service and other

mandated programs.



WHEREAS, the sustainable budget plan was presented to.the Board at its Summer 2002

meeting, and



WHEREAS, the University received communication dated March 3, 2003 from the

Office of Management and Budget of the Government requesting submission of a target

FY 2004 appropriation request, to be included in the Executive Budget presentation to the

Legislature, and



WHEREAS, the Virgin Islands Government appropriation to the University for FY 2003

was as follows:



Regular Operating Appropriation...............0e-sseeseeeeee eee ens $24,669,656

Debt Service Appropriation..................s.sssssesssensseneetseossessntecnares 3,192,205

a ATED sos va aisnsicskeveveno0++-<coveninssusnecisbegu Galen ammmaS tnewemey ance 184,243

Bad i E CE ZGLIS ek ETL OD) si civacess.....0ccacocencodeesdever Ore ae ea nen Ese eempeel Cee eee 371713

BBC Appropriation ........................ssssasecsssesnonebanesneaneatneeanaiinsene atnte 300,000

GRICE CGUIATC LILLION .......0<..--....--os00eeesdeaswasenscecepes ueeeneemmetereneseseress 176,723

Valedictorian and Salutatorian Scholarships ...........cscccessessseesseeeees 240,000

Aemneue oe Cultiival AWArds............00cisss<csnceverenensnespsasbanmets tencegeeen 250,000

acl ssdtctigsssiavassssnisisccsss..«s.2sackegevienieos $29,050,600



WHEREAS, that level of appropriation enabled the University to fund the following:



(a) The cost to provide legislatively mandated programs for veterans, senior

citizens, the National Guard, valedictorians, salutatorians, academic and

cultural awards endowments and the SBDC local match.



WHEREAS, the University is committed to increasing future salaries of employees by

unpaid merit adjustments as funds become available, and it is the policy of the Board of

Trustees to include in the University’s annual appropriation budget to the Legislature a

request for funds to cover the cost of recommended merit increases for employees, and



WHEREAS, the projected cost of recommended merit steps remaining unpaid through

FY 2003 is approximately $4,236,937, and



WHEREAS, the University is also committed to general adjustments in order to develop

and maintain levels of employee compensation that are sufficiently competitive to enable

the university to carry out its mission, and

FY 2004 Budget Resolution

Page 2 of 2



WHEREAS, a general adjustment of 4.5% designed to partially offset the cost of

inflation over the past five years would be approximately $1,305,915, and



WHEREAS, a modest provision of $1,025,000 to offset costs for more pressing

equipment replacement needs and incidents of plant deterioration which have remained

unaddressed for the past several years;



NOW THEREFORE BE IT RESOLVED AS FOLLOWS:



Section 1. That the University is authorized to request an increase in its appropriation

over FY 2003 of $6,567,852 to cover recommended merit and general

salary, plant and equipment renewals and replacements, and inflationary

adjustments.



Section 2. That for the purpose of financing the operations of the University, meeting

debt service requirements, funding Legislatively Mandated Programs, and

providing for other purposes and requirements, the President and the Vice

President for Administration and Finance are authorized to prepare, and

present for Legislative consideration the following appropriation request:



Regular Operating Appropriation ............:sosesssssesssisssetseessansives $24,669,656

Appropriation for Recommended Merit, and Other

BRE PCUEIIICIIS ....................-s0eeecssanroecennd he enana Ena ae 5,542,852



Det Service Appropriation .............csissvsscsveesesosees cianemasupmeeereat 3,192,205

Plant and Equipment Renewals and Replacements ............:0::e0:+++ 1,025,000

NEE EOE oa oss cccdc css vaaises-0-...a<<cccpuauniincecvaieruenslea aninnEt nnn ma auaier ics 184,243

Rt ERA TATION .....;...:...........sessswsadacnnennsvqeeialin aie tne tenes cianenl 37,773

Bg RGIOD. 45... cpsresce.-ssccosconsnsavsnesdonsctanennnsanateesSUbsaereaseneeee 300,000

PUREE. FUTON oes cscci;.........scesdascssesynteient eee ee ares 176,723

Valedictorian and Salutatorian Scholarships ...........:::::csscsseesseeeees 240,000

peers oe Cultural AWALdS.............c:.oscocnceesssaasivageeieeemanetaietaaet ogo. 250,000

Ree scx 5 ra6caevenessstecxcesancutjeess0+eeseseivveesnnce insect nan $35,618,452



Section 3. That 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 Saturday, June 21, 2003 as recorded in said minutes.



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y Ow - 24-02

Secretary of the Board / . Date