MINUTES OF THE FINANCE COMMITTEE University of Kentucky Board of Trustees December 9, 2008, 11:00 AM 18th Floor Patterson Office Tower, Board Room
Committee Members Present
Stephen Branscum, Chair; Frank Shoop; JoEtta Wickliffe, Dermontti Dawson, Britt Brockman Approval of Minutes
The minutes of the October 14, 2008, Finance Committee meeting were approved as presented. FCR 1-3 (Consent)
FCR 1, 2, and 3 were consent items. Stephen Branscum, Chairperson, reported that the gifts and pledges totaled $5.48 million. Mr. Branscum acknowledged the $700,000 pledge from Alltech, Inc. to support the UK Opera program, the $3,784,000 gift and pledge to create and support the Kentucky Diabetes and Obesity Center from the Barnstable-Brown Party Diamond Derby, Inc. and the $1 million pledge from the HGG Family Foundation to create and endow the Paul A. Kearney, M.D., Endowed Chair in Trauma Surgery.
FCR 4, Acceptance of Interim Financial Report for the University of Kentucky for the Three Months Ended September
Marc Mathews, Treasurer, presented the Interim Financial Report for the three months ended September 30, 2008. As of September 30, the University has realized 31 percent of the revenue estimate, and expended 24 percent of the approved budget. The balance sheet is strong with assets of $3.2 billion and liabilities of $969 million. Fund balances of $2.1 billion represent a 65 percent equity position in the total assets. Revenues of $603.3 million and appropriated fund balances of $81.2 million have exceeded expenditures to date by $157.7 million, creating a strong cash position and balance sheet as of September 30, 2008. At the end of the first three months of the 2008-09 Fiscal Year, financial operations are consistent with the budget plan and the University's financial condition is excellent. Dermontti Dawson approved the report. Frank Shoop seconded, and the motion for approval unanimously carried.
FCR 5, 2008-09 Budget Revision
Angie Martin, Vice President for Planning, Budget and Policy, presented the 2008-09 Budget Revision which will increase the University's budget by $22.3 million, or 1 percent, to $2.23 billion. The primary adjustment is to increase budgeted fund balances by $22.1 million. The increase is a result of unspent funds in various reserve accounts including faculty and staff benefits. Britt Brockman approved the budget revisions. Frank Shoop seconded, and the motion for approval unanimously carried.
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