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Report of the Financial Affairs Committee
for the Academic Year 2011-2012
April 20, 2012




Michael Barth (chair)


Kevin Bower


Sheila Foster


Joel Gramling


Thomas Horan


Eloy Urroz


James Openshaw (liaison)

Exec VP for Fin, Admin & Opns


During the initial meeting on October 4, 2011 Mike Barth was elected chair for the 2011-2012 academic year.


A meeting was scheduled for November to receive a budget briefing from BG Elzey, the Executive Vice President for Finance, Administration and Operations but had to be cancelled because of unrelated college-wide issues that arose at that time.


The budget briefing was rescheduled for April 19, 2012. Although there were insufficient members present for a quorum, BG Elzey discussed the state of the college and the finances with those present. He also provided the briefing notes, which were distributed to all members. In his summarization, BG Elzey emphasized that the college is in good financial shape today. The budget is balanced and the college is on a sound financial footing, but there are issues for the future that are going to have to be addressed, such as the significant overhang in deferred maintenance. Some money has been provided by the state and some by the Foundation and there are projects that are being undertaken this summer, but the size of the problem will continue to be a challenge. He discussed some of the future funding initiatives and some projects that are under review. The proposal for next year’s budget is still under development and will have to go to the Board of Visitors in June. There are several alternatives for tuition increases, which are a sensitive policy issue, and the final decision there will determine how much money will be raised as well as how the money can be spent. State appropriations are expected to be set in May but are projected to continue at present levels for the foreseeable future. He discussed the departmental budget process and changes to how money will be allocated in the future. He also outlined the lines of authority with the internal budget process. BG Elzey also emphasized his desire to have open communications with the faculty to get their input as well as to disseminate information.


Submitted by Mike Barth, Chair.