David Zumwalt, executive director of the St. Croix Research and Technology Park, was in an enviable position Wednesday.
Unlike most officials who testify in front of the Senate Committee on Finance, he wasn’t there to defend his budget but rather to explain why the RT Park doesn’t need any government money this year—or into the foreseeable future.
Testifying Wednesday morning at the Earle B. Ottley Legislative Hall on St. Thomas, Zumwalt told the senators that the RT Park is earning enough from commercial revenues from tenants and strategic partners.
And the park isn’t just thriving—it’s looking to expand in September when it breaks ground on a proposed 18,000-square-foot facility on UVI’s St. Croix campus. The building, with a construction cost of $10 million and a total project budget of $11 million, should be completed within 18 months.
"We anticipate private-sector revenue streams from operations totaling approximately $1.1 million supporting RTPark self-sufficiency," Zumwalt said in assessing prospects for the 2012 fiscal year. "Our Board approved a $1.1 million operating budget for Fiscal Year 2012 to be supported fully by commercial revenues.
Zumwalt also emphasized three important points relative to the budget. "First, it reflects our historically declining reliance on government appropriations; second, it reflects growing support from the private sector even as economic struggles continue. And third, it reflects our confidence that we will sustain self-sufficiency going forward," he said.
Zumwalt said the park expects to add new tenants in the coming fiscal year.
The RT Park is an autonomous unit of the V.I. government affiliated with, but separate from, UVI. Its mandate is to foster the development of a competitive technology sector in the territory. Zumwalt said the program is specifically targeted to knowledge-based businesses, and complements, rather than competes with, business recruiting programs run by the Economic Development Commission.
Zumwalt spoke alongside UVI President David Hall, who addressed the university’s budget before the committee. Hall told the Senate panel that in March the university had submitted a $33.2 million budget for Fiscal Year 2012, a 4.3 percent reduction from the current fiscal year. But in his June budget message Gov. John deJongh reduced that even further, to $30.9 million, a roughly 8-percent reduction in the general operating appropriation that Hall said was "severely impact the university’s ability to respond to the increasing educational needs of the territory."
Hall said the school’s board of trustees agreed to keep other programs at 2011 levels, including debt service, $3.9 million; Small Business Development Center marching fund, $800,000; Senior Citizen Tuition Requirements, $87,773; Valedictorian and Salutatorian Scholarships, $400,996; Community Engagement and Lifelong Learning, $100,000 and green technology, $200,000.
By maintaining debt service, Hall said the school was able to acquire the needed funding to begin two new building projects. UVI will break ground on a new residence hall on the St. Thomas campus, scheduled to open in September 2012; and additional classrooms, faculty offices and consolidated and upgraded labs on St. Croix.
The university also is continuing to plan a new science building for the St. Thomas campus and a multipurpose building on the St. Croix campus that would include a gymnasium, health center and student activity center, and serve as a venue for commencement exercises.
In highlighting the university’s accomplishments during the past year, Hall noted the:
• Opening of the Academic Learning Center on St. John, making it possible for residents to attend classes without leaving the island. The center is connected to both the St. Thomas and St. Croix campuses.
• Establishment of the Sisters with a Purpose program, a compliment to the Brothers with a Cause program. Sisters with a Purpose is designed to enhance the experience of women students and improve their chance of success.
• Establishment of the bachelor’s of business administration degree in hotel and hospitality management. The program will be launched next month with the opening of the 2011-12 academic year.
• Launching of the Caribbean Green Technology Center and the Center for the Study of Spirituality and Professionalism.
Hall also informed senators that UVI received a $5 million gift commitment from investment strategist and entrepreneur Kiril Sokoloff, founder of 13D Research. The gift will allow the university to establish an endowed professorship, the Kiril Sokoloff Distinguished Professorship in Entrepreneurship in the School of Business, and the 13D Entrepreneurship Student Competition, which will begin in the fall.
Also testifying Wednesday was Diane Ruan-Viville, executive director of the V.I. Board of Nursing Licensure, who addressed the board’s budget. The Board of Nursing Licensure is responsible for promoting policies and standards for nursing education, practice, and discipline in the territory and oversees the licensing of more than 1,500 nurses in the territory.
Gov. John de Jongh’s recommended budget for the board requests a General Fund appropriation of $250,000, an increase from the budget for the 2011 fiscal year.
