Finance and Administration - Board of Trustees - The University of ...
Finance and Administration - Board of Trustees - The University of ...
Finance and Administration - Board of Trustees - The University of ...
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<strong>Finance</strong> <strong>and</strong> <strong>Administration</strong> Committee - VI. FY 2012 Revised Operating Budget - ActionRESOLUTIONOFTHE UNIVERSITY OF TENNESSEEBOARD OF TRUSTEESFebruary 29, 20124REVISED FY 2012 Operating BudgetWHEREAS, the Bylaws require the <strong>Board</strong> <strong>of</strong> <strong>Trustees</strong> to approve an annual operating budgetfor the <strong>University</strong>; <strong>and</strong>WHEREAS, the <strong>Board</strong> approved the FY 2012 operating budget in June 2011; <strong>and</strong>WHEREAS, the operating budget must be revised during the year to update revenue <strong>and</strong>expenditure projections for the remainder <strong>of</strong> the fiscal year, taking into consideration final fallenrollments (which are estimated when the original budget is prepared), the impact <strong>of</strong> the prioryear’s activities carried forward into the current year, <strong>and</strong> adjustments in state appropriationsoccurring since the budget was approved in June 2011; <strong>and</strong>WHEREAS, the FY 2012 Revised Operating Budget includes adjustments allocating minorrevisions to budgeted revenues <strong>and</strong> a significant carry forward <strong>of</strong> unexpended non-recurringfunds from FY 2011; <strong>and</strong>WHEREAS, the administration needs to be able to respond quickly <strong>and</strong> effectively to asignificant budget shortfall due to any state impoundment <strong>of</strong> funds or appropriation rescission;<strong>and</strong>WHEREAS, m<strong>and</strong>atory furloughs without pay, reduction <strong>of</strong> time worked, across-the-boardsalary reductions, <strong>and</strong> similar salary-related measures may be required to address thebudgetary shortfall; <strong>and</strong>WHEREAS, the FY 2012 Revised Budgets for Education <strong>and</strong> General (E&G) <strong>and</strong> AuxiliaryEnterprises are balanced <strong>and</strong> within available resources <strong>and</strong> comply with all applicable policies<strong>and</strong> guidelines;NOW THEREFORE BE IT RESOLVED that:1. <strong>The</strong> FY 2012 Revised Budget is approved with the underst<strong>and</strong>ing that if the GeneralAssembly or the Department <strong>of</strong> <strong>Finance</strong> <strong>and</strong> <strong>Administration</strong> further alters the FY2012 appropriations, or if changes in estimated resources require, the budget shallbe modified accordingly so expenditures will not exceed available resources.2. <strong>The</strong> <strong>Board</strong> <strong>of</strong> <strong>Trustees</strong> expressly authorizes the campus, institute, <strong>and</strong> unitadministrations, in response to current <strong>and</strong> anticipated future budget reductions, toimplement m<strong>and</strong>atory furloughs without pay, reduction <strong>of</strong> time worked, acrossthe-boardsalary reductions, <strong>and</strong> similar salary-related measures during theremainder <strong>of</strong> FY 2012, subject to approval by the Executive <strong>and</strong> CompensationCommittee, the President, <strong>and</strong> the Treasurer, Chief Investment Officer, <strong>and</strong> Interim136