Agenda Item No.

Washburn University Board of Regents







SUBJECT: 1999-2000 Budget and Public Hearing





DESCRIPTION:



The 1999-2000 Budget Notice was published in the July 16, 1999 issue of the Capital-Journal as required by Law. The budget law requires that the governing body of each taxing or political subdivision shall meet for the purpose of answering and hearing comments from taxpayers relating to the proposed budget and for the purpose of considering amendments to such proposed budget. The 1999-2000 Budget tentatively approved by the Board in June, revised, and published is attached.



The Board of Regents must:



Hold Public Hearing on the 1999-2000 Budget;

After the hearing is closed, approve the 1999-2000 Budget (with revision); and

Authorize the Treasurer to file the approved 1999-2000 Budget documents with the Shawnee County Clerk.

Adopt a Resolution approving the utilization of revenues derived from increased assessed property tax valuations.



In compliance with Sec. 21 of SB 45, the Board must adopt a Resolution authorizing utilization of increased revenues from property taxes derived from increases in assessed property valuation.



FINANCIAL IMPLICATIONS:



Maximum expenditure limits are set for the 1999-2000 Budget.





RECOMMENDATION:



President Farley recommends Board of Regents approval of the 1999-2000 Budget, Resolution, and authorization to file the approved budget with the Shawnee County Clerk.







___________________ __________________________

(date) Jerry B. Farley, President





Resolution







WHEREAS, in compliance with Section 21 of SB 45 the Board must adopt a Resolution authorizing utilization of increased revenues from property taxes derived from increases in assessed property valuation;



WHEREAS, the proposed budget for FY 2000 projects property tax revenues for the University's Debt Retirement & Construction and Special Liability Funds exceeding those for the preceding fiscal year;



WHEREAS, the exercise of the abundance of caution in fulfilling its fiduciary responsibility as the University's governing body requires that it ensure compliance with SB 45 by adopting this Resolution, notwithstanding that the aggregate property tax revenues for the University's total FY 2000 budget will be less than those for its FY 1999 budget;



NOW, THEREFORE, BE IT RESOLVED by the Washburn University Board of Regents that:



1. It is necessary to utilize property tax revenues Debt Retirement & Construction and Special Liability Funds for FY 2000 which revenue exceeds that of in FY 1999.



2. This Resolution be published in the official county newspaper.





Adopted by the Board of Regents of Washburn University of Topeka on the ____ day of ______________, 1999.







______________________________

Benjamin F. Blair

Chairperson, Board of Regents

ATTEST:







______________________________

Kenneth P. Hackler

Secretary, Board of Regents


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