Finance and Administration - Board of Trustees - The University of ...

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Finance and Administration Committee - VI. FY 2012 Revised Operating Budget - ActionRESOLUTIONOFTHE UNIVERSITY OF TENNESSEEBOARD OF TRUSTEESFebruary 29, 20124REVISED FY 2012 Operating BudgetWHEREAS, the Bylaws require the Board of Trustees to approve an annual operating budgetfor the University; andWHEREAS, the Board approved the FY 2012 operating budget in June 2011; andWHEREAS, the operating budget must be revised during the year to update revenue andexpenditure projections for the remainder of the fiscal year, taking into consideration final fallenrollments (which are estimated when the original budget is prepared), the impact of the prioryear’s activities carried forward into the current year, and adjustments in state appropriationsoccurring since the budget was approved in June 2011; andWHEREAS, the FY 2012 Revised Operating Budget includes adjustments allocating minorrevisions to budgeted revenues and a significant carry forward of unexpended non-recurringfunds from FY 2011; andWHEREAS, the administration needs to be able to respond quickly and effectively to asignificant budget shortfall due to any state impoundment of funds or appropriation rescission;andWHEREAS, mandatory furloughs without pay, reduction of time worked, across-the-boardsalary reductions, and similar salary-related measures may be required to address thebudgetary shortfall; andWHEREAS, the FY 2012 Revised Budgets for Education and General (E&G) and AuxiliaryEnterprises are balanced and within available resources and comply with all applicable policiesand guidelines;NOW THEREFORE BE IT RESOLVED that:1. The FY 2012 Revised Budget is approved with the understanding that if the GeneralAssembly or the Department of Finance and Administration 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. The Board of Trustees expressly authorizes the campus, institute, and unitadministrations, in response to current and anticipated future budget reductions, toimplement mandatory furloughs without pay, reduction of time worked, acrossthe-boardsalary reductions, and similar salary-related measures during theremainder of FY 2012, subject to approval by the Executive and CompensationCommittee, the President, and the Treasurer, Chief Investment Officer, and Interim136
Finance and Administration Committee - VI. FY 2012 Revised Operating Budget - ActionChief Financial Officer, in consultation with the General Counsel and HumanResources.43. Any remaining balance of Unrestricted Net Assets may be considered as a reservefor contingencies to be used for:a. Employing additional staff where enrollments and reorganizationrequirements warrant;b. Modifying departmental operating budgets where changing conditionsduring the year require funding adjustments;c. Funding to make salary adjustments for personnel as may be necessaryduring the year in keeping with state and university salary guidelines;d. Improving physical facilities for academic and research departments asopportunities arise;e. Mandated cost increases; andf. State impoundment of funds or appropriations rescission during thebudget year137
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