Present: Jonathan Brand, Tom Crady, John Kalkbrenner, Mark Montgomery, Mickey Munley, Jack Mutti, Russell K. Osgood, Todd Reding, Susan Schoen, Helen Scott, Marci Sortor, Jim Swartz, Frank Thomas, and Karen Voss.

Jonathan Brand opened the meeting at 8:05 a.m. and thanked everyone for attending. He reported a good meeting with members of the Board's Budget Committee recently and asked Russell Osgood to provide for the committee a summary of the discussion. Russell Osgood described three areas about which the Board continues to be concerned with the budget model:

1) The increase, compared to last year, of funds from the endowment to support the operating budget, especially in light of the sluggish market environment;
2) Discipline with respect to expenditures as well as deliberate thinking about ways to increase our revenues;
3) Proceeding with caution with respect to endowment percentage payout for the operating budget of the College.

A lengthy discussion ensued regarding ways to reduce the deficit in the budget model. As part of this, the Committee reiterated its desire to see improvement in the faculty salaries, particularly at the assistant professor rank. As previously reported, the budget requests are being reviewed by the two sub-committees already named-one for the academic non-salary requests and one for the non-academic, non-salary requests.
Jonathan Brand described the upcoming schedule for the Committee. He hopes to draft the budget memo for the Board's Budget Committee sometime in the second week of January for consideration by the Budget Steering Committee. The final, approved memo will be distributed to the Board's Budget Committee at the end of January or early in February for its consideration and approval. Finally, the approved budget will be included in the Board packets for the next meeting on February 21st and 22nd.

. The subcommittees will be guided in their deliberations by the perspectives of the Board members shared with the Committee at its recent meeting.

Jonathan Brand announced the date of the next meeting to be Thursday, January 9, 2003. He will circulate a notice to the Committee.

The meeting adjourned at 9:06 a.m. Central Standard Time.

Respectfully submitted,

Susan M. Schoen

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