Meeting Minutes
November 15, 2005
Committee Members Attending: Anthony Giaquinto, John Frendreis, William Honig, Bill Laird, Wayne Magdziarz, Corey DePetro, Cindy Gonya
Committee Members Absent: Tim McGuriman, David Slavsky
Support Staff Attending: Tom Kelly, Tom Hickey
- I. Approval of September 13, 2005 Meeting Minutes
The minutes from the September 13, 2005 meeting were unanimously approved as written. All minutes will be posted on the website as well as forwarded to the Faculty Council and Staff Council chairs, Gerald McDonald and Rebecca Stolz, respectively. - FY 2007 Budget Assumptions
Tuition: Management will recommend a 3-tier tuition structure to be effective Fall, 2006. Tuition will be increased 9.4% for new students and 6.4% for returning students. Two smaller programs are proposed to have no increase in tuition while SSOM has elected to limit their tuition increase to approximately 3%. The tuition discount rate will remain unchanged from FY '06.Room and Board: A 4.0% increase in room and board rates has been proposed.
Fees: The budget provides for a proposed average fee increase of 3.0%.
Housing: The Water Tower Campus Residence Hall is scheduled to partially open with 2/3 of the 608 spaces available for occupancy. Remaining spaces will be complete and available in January, 2007. Students contracting for spaces due to be completed in January will be temporarily housed in Santa Clara Hall.
Endowment Spending: A 4% spending rate will be exercised during FY 2007.
Salary and Fringe Benefits: A general salary increase of 4% and a $750,000 staff salary increase pool has been included in the budget for Lakeside units. SSOM has provided for a 3% salary increase pool. The full-time fringe benefit rate has declined from 29.0% in FY 2006 to 28.0% in FY 2007. Part-time rate remains constant at 8.5%.
Enrollments: The FY 2007 budget includes a forecasted 2,625 new freshmen and transfer students and a total University Academic Enrollment of 14,643.
A motion to approve the FY 2007 budget assumptions as presented was raised, seconded and passed unanimously.
William Honig suggested that the University would benefit from increased grant funding in the future.
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Capital Asset Reserve (CAR)
Bill Laird provided an overview of the Capital Asset Reserve, a disciplined savings plan which sets aside funds each year to be used to pay down the debt and allow for unplanned capital projects or real estate acquisitions.