Budget/Finance Committee Meeting

April 28, 2004

Regents Present: Ben Blair, chair, Chuck Engel, Karen Lee, Maggie Warren

Regent Present by Teleconference: Jim Roth

Staff Present: Jerry Farley, Wanda Hill, Ron Wasserstein, Tom Ellis, Al Dickes, Denise Ottinger, David Monical, Chris Leach, Rhonda Thornburgh

Also Present: Mary Lou Herring

Minutes of the March 31, 2004 meeting were approved as mailed.

Major Maintenance Funding Requirements Report - Vice President Hill noted this report is done annually and is the basis for Facilities Services campus-wide requests for capital projects funding from the Debt Retirement and Construction Fund. It identifies and projects major maintenance needs and conditions of buildings for a five year period. Building maintenance on the Washburn campus has been tracked in this manner for at least twenty years.

Regent Lee asked about the need for LLC expenditures of $545,052 in FY05. Vice President Hill explained the carpet hasn't held up as well as expected, additional support needs to be added to the shower stalls, and there are still problems with leaking windows. Regent Blair asked if the window problems were manufacturing or installation issues. A manufacturer's rep land engineer will review the window issue.

Regent Roth asked about the accuracy of the report. It is probably 75-80% accurate per Vice President Hill, since things that fluctuate, such as use of rooms, aren't going to be reflected. Dr. Farley added the further we estimate into the future the less accurate we can be, however, as a planning document it is a useful tool in funding deferred maintenance.

Regent Warren asked about the capital projects funding request process. Vice President Hill said in October or November request forms are sent out to area heads for them to request capital improvements, equipment, and electronic technology equipment. The capital project requests from the various areas are prioritized by the area heads and given to Facilities Services for estimated cost analysis. Executive Staff reviews the list and a final prioritized list is created for the year.

Regent Engel noted it has been 17 years since any major improvement was made to the President's Residence and wondered if it wasn't due for improvements. President Farley said the carpet has worn well and doesn't need to be replaced yet. All else seems to be in satisfactory condition, except the need for a handicap accessible restroom facility on the first floor.

Regent Engel asked if the International Center would be used for other functions after it is made ADA compliant. President Farley indicated it will not get heavy use. Its use will be limited to purely international use and for out of town visitors.

Debt Retirement and Construction FY04 Allocations for FY05 Capital Projects and Equipment -

The historical analysis of the DRC Fund was discussed. Regent Blair asked if, in the future, the transfers into the DRC Fund for bond payments could be spelled out.

President Farley said in the $2,100,000 allocation for capital improvements $208,392 is being set aside for parking lot improvements.

It was moved and seconded to approve the recommendation to accept the proposed Debt Retirement and Construction Fund FY04 allocations for FY05 capital improvement projects, other equipment, and technology equipment requests. Motion carried.

Sales Tax Estimates -

A revised (as of 4-26-04) Sales Tax Collections and Original Proforma History was distributed. It included actual collection figures for February, which were $19,103 higher than estimated. If the trend continues it will not be necessary to make a transfer from the Smoothing Fund this year.

Vice President Hill explained there is a 60 day lag in sales tax payments, so the February payment is not available until the end of April.

President Farley discussed the need to transfer funds from the Sales Tax Smoothing Fund in excess of the annual amount computed to meet Smoothing Fund requirements to the Building Construction Fund for the Stoffer Hall renovation project.

Budget Planning Calendar -

The budget cycle will be delayed again this year.

The Committee will need to meet another two or three more times to review sources and uses of funds.

At the June Board meeting the Regents will be asked to carry forward the FY04 Budget into FY05 until the FY05 Operating Budget can be approved.

Budget Guidelines will be approved at the July meeting.

Future Committee meetings scheduled -

May 24, 2004 at 10:00 a.m. in Morgan 204.

June 16, 2004 at 2:00 p.m. in Morgan 204 (prior to 4:00 Board of Regents meeting).

June 24, 2004 at 3:00 p.m. in Morgan 204.

Meeting was adjourned.

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