The chairman of the board of the University of Belize has requested that the president of the university and her relevant officials compile a listing of the assets of the university. Once this is done, the board proper will review the assets and decide how best to proceed in order to raise about $360,000 for pay increases to faculty and staff which were due in March of this year.
5% and 8% salary increases were promised to UB?s faculty and staff by the Government of Belize. Some weeks ago, however, GOB informed the university that it was unable to meet the commitment, and suggested that UB use its $7.5 million subsidy from GOB to honor the GOB promise. The problem with this is that UB is running a $2.7 million deficit in this year?s budget, and financing the pay increases would drive the deficit over the $3 million dollar mark.