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October 23 2002

University of the Pacific
Institutional Priorities Committee
Minutes, October 23, 2002
3:00-5:00 , Taylor Conference Room, Library

Call to Order: 3:05 pm

Members Present: Gilbertson, Hoverstad, Spreer, Miller, F. Jones, Oppenheimer, King, Meer, Miller, Olson, Sina, Jacobsen, Hewitt, Cavanaugh

Minutes: The minutes of the meeting on October 2, 2002, were reviewed and approved.

Finance Committee Presentation: Cavanaugh shared with the members a presentation made to the Board's Finance Committee summarizing the results of the FY 2002 audit and financial performance of the University. The report included comparisons of Pacific's financial performance to the University's debt policy standards and industry medians of key financial performance ratios.

Fiscal Year 2004 Preliminary Budget: Cavanaugh and Perro reviewed "tentative, preliminary, draft" budget for FY 2004 based on initial enrollment projections for the fall, 2003. They reviewed the projected revenue adjustments and base budget adjustments based on mandatory adjustments, last year's IPC recommendations for FY 2004, and other known investments being recommended. The proposed budget would maintain the current unrestricted fund accumulation as currently budgeted and an operating reserve equal to 1% of E&G expenses. The increases included adjustments for known or anticipated insurance increases, costs of operating new buildings and other facility improvements, e.g. air conditioning, increases in the retirement contribution by the University, and initial estimates of the costs of salary pay plans for faculty and staff. With the adjustments identified and assuming for pro forma purposes a 4.5% increase in tuition, the budget was approximately $325,000 out of balance. It was agreed that the IPC's task for the next several weeks of budget deliberations would be challenging but little different that past years.

Athletics Department Budget Presentation: After sharing general information regarding the department's mission, priorities, organization and recent successes, King presented the budget priorities for the Athletic Department. Among those items included enhancements of operating budget, additional scholarships for female athletes, additional graduate assistantships for swimming and human performance training, assistance in the student resource center and operations support for the aquatics center. He also urged the IPC to recommend the extension of fiber optic to the aquatics center and the Pacific Club.

Costs of Higher Education: Cavanaugh distributed copies of a presentation on the "Costs of College Education" presented to the Board of Regents at its October meeting.

Adjourned: 4:50 p.m.