Excerpted Minutes from the December 16, 2003 Meeting of the Budget Steering Committee
Present: Jonathan Brand, Jon Chenette, David Clay, Tom Crady, Leslie Gregg-Jolly, John Kalkbrenner, Jacob Kaufman-Osborn, Mark Montgomery, Mickey Munley, Russell Osgood, Susan Schoen, Helen Scott, Marci Sortor, Jim Swartz, Frank Thomas, and Karen Voss. Student Observer: Doja Khandkar.
Jonathan Brand opened the meeting at 2:36 p.m. Central Standard Time. He reported on the discussions of the sub-committee to review the non-academic budget requests and the progress it has made in identifying reductions in the FY 2005 budget model. Discussion ensued.
Jim Swartz reported on the discussions of the sub-committee to review the academic budget requests and its progress. The sub-committee has identified various areas to reduce and is continuing its efforts to find more. Discussion ensued.
Tom Crady addressed the overage in the financial aid budget and the factors which have affected the steady increase in it. The College's need-blind policy, that fact that this year's entering class required more need-based aid than other classes, and tuition remission issues were all brought forward as major considerations in the financial aid budget. Discussion ensued. The Committee also discussed the faculty and staff salary pools and other contributing factors to our cost structure in relation to our endowment dependence, gifts and grants revenue, and general revenue structure. The Committee agreed that changes will be necessary in our cost and revenue structures in order to build future balanced budgets, and it further agreed that the next budget planning process will benefit from the findings and recommendations of the strategic planning process.
The two sub-committees will continue to meet and determine areas of the FY 2005 budget that can be trimmed. The meeting was adjourned at 3:33 p.m. Central Standard Time.
Respectfully submitted,
Susan M. Schoen
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