Present: Jonathan Brand, Jon Chenette, David Clay, Leslie Gregg-Jolly, John Kalkbrenner, Mark Montgomery, Mickey Munley, Russell Osgood, Todd Reding, Susan Schoen, Helen Scott, Marci Sortor, Jim Swartz, Frank Thomas, and Karen Voss.

Jonathan Brand opened the meeting at 12:05 p.m. Central Standard Time. He asked Karen Voss to provide an update on the status of the current fiscal year's budget. She estimates that there is currently a deficit, largely due to the shortfall in the net tuition revenue and in the significant increase in utility costs. She plans on beginning the variance report shortly. Discussion ensued.

Jonathan Brand reported on a range of items, including the progress of the non- academic subcommittee in its efforts to find additional savings in the proposed FY 2005 budget. Jim Swartz reported on the progress of the academic subcommittee. Discussion ensued.

Russell Osgood presented other items he hoped to include in the FY 2005 budget and also his thoughts about how to help fund them. Jonathan Brand emphasized that the Committee members should continue to think about cost savings to help balance the budget for FY 2005 in order to be able to recommend the budget to the Board of Trustees at its next meeting. Jonathan will begin work on the FY 2005 Budget memo and will circulate an initial draft soon. The Budget Committee of the Board will meet later this month to review the proposed budget model in time for the formal recommendation to the Board in February.

The Committee discussed the College's current tuition policy related to the 9th Semester program. Discussion ensued.

The meeting was adjourned at 1:23 p.m. Central Standard Time.
Respectfully submitted,

Susan M. Schoen

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