Present: Jonathan Brand, David Clay, Tom Crady, Bob Grey, John Kalkbrenner, Mickey Munley, Jack Mutti, Todd Reding, Susan Schoen, Helen Scott, Paula Smith, Jim Swartz, Frank Thomas, and Karen Voss.

The meeting was called to order at 7:36 a.m.

Jonathan Brand updated the committee with respect to the status of the projected FY 2003 budget. He reported that the Trustee Budget Committee had recently met and discussed the proposed budget. The Committee was pleased with the format, structure and content of the proposal. They applauded the work of the campus committee and voted to recommend its approval to the full board at its meeting next week.

The Committee discussed various outstanding budgeting issues. It heard updates on those areas and is continuing its work to produce a realistic and effective budget for FY 2003.

The discussion turned to the process for communicating the FY 2003 budget to the campus community. The Committee felt it was important to roll out the budget effectively and all-inclusively and discussed ways to accomplish this.

The Committee considered other budget projections and discussed the projection process and its importance. The Committee discussed the value of ensuring that each member be knowledgeable about the core areas of the college's budget and decided to invite other key administrators to meetings of this group as a way of enabling members to become more informed about the financial operations of the College.

The variance report was distributed by David Clay and discussed by the Committee. The report provides a comparison of the current budget numbers to the budget the Board approved. It is a management tool which indicates whether the budget is operating within its limitations and thus identifies whether any flexibility exists in it. Discussion ensued.

Finally, Jonathan Brand summarized his thoughts for the next meeting's agenda which will include the Board's reaction to the proposed budget and a discussion of any outstanding budget issues.

The meeting adjourned at 8:51 a.m.