Meeting Minutes
Budget and Finance University Policy Committee
Meeting Minutes: June 18, 2003
Members Present
William Laird
Wayne Magdziarz
Larry Fortuna
Dave Schweikart
Tassos Malliaris
John Frendreis
Tom Kelly
Marge Beane
Cindy Gonya
David Haverick, Hewitt Associates
Review of minutes from May 21, 2003 Meeting
The fourth sentence of the University Contract Policy paragraph was changed
to read: "Exceptions are provided for recurring contracts previously
approved." The amended minutes were approved.
After budget review meetings '04 budget data will be downloaded into P & L
model
Benefit Plan
This year's $5 million payment for the staff pension plan, combined with the
deficit and market losses is causing a depletion of University reserves. A
taskforce has been working on maintaining the staff fringe benefit rate at
31% of the salary budget. Ultimately, Father Garanzini would like to cap
both the faculty and staff fringe benefit rate at 27%. A taskforce has been
working with Hewitt Associates to review plans and peer group comparisons to
determine a realistic percentage. A decision is needed by the end of
August. Bill suggested that a staff defined pension program for staff may
be worth considering as the cost of the current plan is the number one
threat to a balanced budget. Further detailed information on pension plan
payment and options will be presented and discussed at the next meeting.
The contract discussion will be tabled until the next meeting. Meetings will
be scheduled on a biweekly basis until all remaining issues are resolved.