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[8]

Part of Minutes of the University of Kentucky Board of Trustees

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- 7 - H. Operating Budget for 1997-98 (FCR 7) President Wethington reported that the budget was developed given the state support that was originally appropriated to the University for 1997-98. He explained that the revisions to the state support as a result of the lateness of the passage of the bill in the Special Session of the General Assembly will be brought back to the Board as a budget revision at a later meeting. The additional monies coming to the University are, therefore, not reflected in the Operating Budget as proposed. President Wethington said the additional support in the bill passed recently by the General Assembly provides for $1,480,000. This amount would take the state appropriation for the University System currently at 2.4% up to 3%. That amount ensures that the University gets a state appropriation budget of 3% for 1997-98. Again, since the administration planned this budget without knowing this information, a proposed expenditure will be brought back to the Board at a later date. He reported that this Bill also includes a Research Challenge Trust Fund that has set aside $4 million for the University of Kentucky and $2 million for the University of Louisville. This may include programs such as an endowed chair/professorship matching program, an external research grant matching program, a graduate assistant program, and a junior faculty research encouragement program. The criteria and process for submission of the application is to be developed by the Council on Postsecondary Education. He noted that the new council has to be set up and a president hired to get a process moving for submission of applications. This money is not put in the university's budget; therefore, the $1.48 million is the only money appropriated to the University beginning July 1, 1997. He noted that the other money will not be available by August. In the 1997-98 budget for the Community College System (CCS), there is a state appropriation of $87.4 million and other income of $93.9 million for a total of $181.3 million. Expenditures equal the same amount. He explained that that amount will be removed from the university's Operating Budget in 1998 and that amount will be changed by two factors. The contract and grant activity of about $10 million is not in the CCS budget and Lexington Community College (LCC) with a budget of $12 to $13 million is in the CCS budget. He said LCC will come out of the CCS budget, and CCS contracts and grants will go in the CCS budget. Roughly $180 million of this annual Operating Budget is the CCS part of the annual Operating Budget. He explained that this information is to give the Board some sense of the impact on the university's budget and to let the members know that they will be looking at a different budget document a year from now.