September 28, 2010
Institutional Priorities Committee
Minutes of September 28, 2010
2:00pm - 4:00pm
DUC 211 A & B
Present: President Eibeck, Francois Rose, Kelli Page, Chris Johnston, Alex Schulte, Elizabeth Griego, Peg Ciccolella, Cathy Peterson, Patrick Ferrillo, Jin Gong, Gene Pearson, Matthew Downs, Mary Lou Lackey, Patrick Cavanaugh, Dan Shipp, Nejat Duzgunes, Marcus Perrot, Robert Brodnick, Tom Krise, Ted Leland
Call to Order: 2:00pm
Minutes: Minutes for September 14, 2010 were approved
Review Instructions for FY12-13 Budget Requests: The committee reviewed the FY12 Budget Request Instructions and Perrot explained that the lines in red are examples of how the form should be filled out. The form should be in priority order and individuals should identify the base and the one-time items. Also it is good to reference which priority each request applies to so that when the Budget Office prepares and consolidates the budget, exhibits can be produced that identify how much money is going to each priority.
Revenue and Expenditure Benchmarking Review: President Eibeck informed the committee that the goal this year is to have all of us at the university more informed about the budget, how money is distributed, how much revenue there is and where the revenue comes from, as well as how our revenue compares to peers and how the money is spent. IPC efforts are going to evolve over time; an example of that evolution is to identify who the best peers are for the university.
The committee reviewed the Tuition Benchmarking presentation where University of the Pacific was compared to 8 other CA private universities. The average tuition in comparison with Pacific's peer groups is about $4,000 higher. Regents agreed last year that University's tuition should be closer to it's peers. The university's undergraduate revenue is low, but the reason there is still money to spend is because of the Professional programs that charge a high tuition and have a very little discount rate.
FY10 Final Budget Reflection: The committee reviewed the consolidated summary for all three campuses for the FY10. There was a little over a $1 million dollar surplus, with the Stockton campus accounting for approximately $230,000 dollars more than expected. When it comes to the summary of discounts for tuition for FY10 and how it compares to FY08 and 09, on average the students paid for about half the tuition, half was discounted. Overall, the university ended up with a positive year and will have approximately $4 million dollars to apply for one-time expenses across the three campuses.
FY11 Budget Update: The committee reviewed the budget for FY11 and President Eibeck walked them through each column. On the left is the final data from FY09 and the second column is FY10 preliminary final data, which becomes final once the board approves it. Because of the higher enrollments than budgeted for, there is more tuition and more financial aid. The difference was $5 million dollars in Net tuition. $3.8 million is the total adjusted revenue. Expenditures from this additional revenue need to be very modest at a base level.
There is a Net of $1.7 million in income greater than what was approved in the budget. $1 million dollars was set aside to make sure the Dugoni School of Dentistry has what it needs for it's new facility.