In conclusion Dr. Singletary again commended the Budget Office for the
excellent job they had done in preparing the budget request and recognized in
particular Mr. Kenneth Brandenburgh, a member of the staff who is leaving the
University to become Business Manager at Transylvania University but who
remained long enough to finish the budget.
Mr. Clay joined President Singletary in expressing appreciation to Dr.
Clapp and his staff on behalf of the Board of Trustees. He then indicated that
the Budget Request must have Board of Trustees approval before submission to
the Council on Public Higher Education and called for a motion to that effect.
Mr. Palmer moved approval of the budget document and his motion was seconded
by Mr. Griffin. A voice vote was taken and there being no dissent the motion
Mr. Kincaid questioned the wisdom of approving a budget when only a
few members of the Board had had an opportunity to examine it in advance. It
was pointed out that the budget document had been mailed to all members of the
Board of Trustees on October 5 and at Mr. Sturgill's request a show of hands
indicated that everyone present had received it in advance of the meeting.
The budget document is not a part of the Minutes but a copy is included
in the official files of the Board of Trustees.
L. Audits for 1972-73 Accepted (FCR 1)
Mr. Sturgill, Chairman, reported that the Finance Committee had
reviewed the audit reports and related statements as submitted by the firm,
Coopers & Lybraxd and had found them to be acceptable. He explained that
copies of the reports and statements were mailed to members of the Board
along with other agenda items on October 5 and were also included in the packets
distributed to the Board members at the meeting. He then moved that the Board
accept the University of Kentucky Summary Financial Report 1972-73, Uni-
versity of Kentucky Detailed Financial Report June 30, 1973, University of
Kentucky Housing and Dining System Financial Report June 30, 1973, Purchasing
Letter 1972-73, and Cash Reconciliation June 30, 1973 as submitted by the firm
of Coopers & Lybrand. Mr. Alverson seconded the motion and it carried without
dissent. (FCR 1 is included at the end of the Minutes. The supporting financial
reports and statements are not a part of the Minutes but are included in the
official files of the meeting.)
M. Report on Investments Accepted (ICR 1)
Mr. Clay called for the quarterly report of the Investment Committee.
Mr. Kincaid, Committee Chairman, said that the report was routine in nature
and moved that it be accepted as presented in ICR 1. His motion was seconded
by Mr. Sturgill and passed. (See ICR 1 at the end of the Minutes. )