The University of the Virgin Islands Research and Technology Park board of directors voted Tuesday night to revise the 2016 budget after a $1 million allocation by the V.I. government was denied, asserting they can raise the needed funding from commercial revenues.
RTPark Executive Director Gillian Marcelle reported that the Fiscal Year 2016 of $2.34 million included $1 million from the government, $1.21 million in commercial revenue generation and $125,000 from other activities including new business development and revenue from the park’s conference center.
However, since the $1 million appropriation was not approved by the V.I. Legislature, the board voted, after an executive session, to adjust the budget and actually increased it to $2.375 million, “because we are confident about the ability to generate additional revenue,” Marcelle said.
Also discussed and approved during the executive session were first-stage tenant agreements for St. Croix Technology Holdings, Media Source and Denver Energy. With the first stages approved, the companies will undergo investigations of all corporate principles, their business plans and proposals before being accepted as RTPark tenants.
The board also approved new tenant clients XO Energy and J.A. Wright and Assoc.
Marcelle reported that during the first quarter of 2016 – October through December 2015 – a $29,000 surplus was achieved due to revenue of $367,804 and expenses of $338,840. In the first quarter, 24 percent of certificate fees and 31 percent of management fees were collected while 45 percent of the year’s professional fees were paid out.
“This first quarter performance is encouraging, and the results continue to demonstrate the benefit of the cost management strategy, focus on commercial disciplines and optimization of the business development function,” she said in her report.
The board also discussed a request for proposals for a sales, marketing and business development service company and heard updates on a FY15 audit, required by the V.I. government in March 2016.
Present at the audio conference meeting were RTPark Board Chairman Edward Thomas, Adrian Gardner, David Hall and Henry Smock. Shirley Lake-King was excused. Also at the meeting were Hunter Logan, legal counsel, and staff member Carole Jackson.