November 29 2005
University of the Pacific
Minutes, November 29, 2005
Library Community Room
Call to Order: 2:02
Present: Brodnick, Byl, Cavanaugh, Chi, Ensign, Frederick, Gilbertson, Kreitzman, Sexton, Sina, Spreer, Vierra
Not Present: Brennan, King, Lackey, Miller, Perro, Royce-Davis
Special Guest: President DeRosa
Minutes: Approval of the minutes of the November 8 meeting was postponed.
Current Agenda Items:
President DeRosa opened by thanking the Committee for all of their work and commitment to the University. IPC was established in 1996 by the President with one of the major goals being to insure that the budget be linked to the University's planning processes.
The following budget items will be brought forward to The Board at their next meeting:
- Tuition increase in January
- Salary increase
- Increase in benefits
- Invest in technology
- Set aside funds for academic funding
- Adjust operating budgets: academic and non-academic
- University Advancement
- Academic Initiative Fund
The President also added that the proposed increase in tuition will add $2 million for financial aid. Also, expected funds from the sale of the radio station (KUOP) will benefit the new Biology Building and the new Student Center.
Tuition Setting Proposal
Cavanaugh presented an outline of one of the top 5 strategic priorities established by the Board of Regents; "develop a financial plan that generates adequate resources to make needed investments, increasing tuition on par with private comparables without increasing tuition discount." Two key components are:
- Have reasonable tuition rates
- Generate sufficient net tuition income to make the necessary investments to advance the University
While the market comparison within private universities, with regard to tuition and mandatory fees, has increased by 6% per year, Pacific's rates have increased by only 4% per year in the last 10 years. And, after having one of the highest rates 10 years ago Pacific is now the low-cost leader. Based on market comparisons and funds needed for mandatory expenditures, an increase in tuition (5.5%) and fees and room and board rates is recommended for FY2007.
Next meeting: December 6, 2005, 2-4pm
Meeting adjourned at 3:00