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RECOMMENDATION REGARDING FISCAL YEAR 2003 MEDICAL CENTER OPERATING BUDGET AND APPROVAL OF MEDICAL CENTER EMPLOYEE BONUS PLAN

WHEREAS, the Medical Center Operating Board has reviewed the Fiscal Year 2003 Medical Center operating budget; and

WHEREAS, the Medical Center Operating Board recommends to the Finance Committee and the Board of Visitors approval of the Fiscal Year 2003 Medical Center operating budget; and

WHEREAS, Section 2.2-2905 of the Code of Virginia authorizes the Board of Visitors to establish compensation plans for employees of the Medical Center; and

WHEREAS, the Medical Center proposes to pay an employee bonus equal to a minimum of 2.5% of base salary for eligible employees; and

RESOLVED that the Fiscal Year 2003 Medical Center operating budget as recommended by the Medical Center Operating Board, is approved;

RESOLVED FURTHER that the payment in August, 2002, of a one-time bonus equal to a minimum of 2.5% of base salary for eligible Medical Center employees is approved; the exact payment is to be determined by the Vice President and Chief Executive Officer of the Medical Center, with the concurrence of the Chair of the Medical Center Operating Board and the Executive Vice President and Chief Operating Officer of the University.