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: Agenda
Board of Regents
Meeting of the Full Board
October 30, 2009; 8:00 a.m. 2:30 p.m.
Room 109 Butrovich Building
University of 91ֱFairbanks
Fairbanks, Alaska
I. Call to Order
II. Adoption of Agenda
MOTION
"The Board of Regents adopts the agenda as presented.
I. Call to Order
II. Adoption of Agenda
III. Public Testimony
IV. Report on Senate Finance Committee Meeting of October 14-15, 2009
V. Executive Session
VI. President's Report
VII. Approval of the University of 91ֱFY11 Operating Budget Request and FY11 Capital Budget Request
VIII. First Review of the 6-Year Capital Improvement Plan
IX. Update on General Revenue Bonds
X. Approval of Federal Stimulus Receipt Authority Request
XI. Board of Regents' Comments
XII. Adjourn
This motion is effective October 30, 2009."
III. Public Testimony
Public testimony will be heard at approximately 8:00 a.m. Comments are limited to three minutes per individual. The chair of the Board of Regents will determine when public testimony is closed. Written comments are accepted and will be distributed to the Board of Regents and President Hamilton by the Board of Regents Office following the meeting.
IV. Report on Senate Finance Committee Meeting of October 14-15, 2009
Regents and staff who participated in the Senate Finance Committee meeting held in Fairbanks on October 14-15, 2009, will give a report on its discussions and outcomes.
V. Executive Session
"The Board of Regents goes into executive session at _________ 91ֱTime in accordance with the provisions of AS 44.62.310 to discuss matters the immediate knowledge of which would have an adverse effect on the finances of the university. The session will include members of the Board of Regents, President Hamilton, General Counsel Brunner, and such other university staff members as the president may designate and will last approximately _____ hour(s). Thus, the open session of the Board of Regents will resume in this room at approximately _______ 91ֱTime. This motion is effective October 30, 2009."
(To be announced at conclusion of executive session)
The Board of Regents concluded an executive session at _____ 91ֱTime in accordance with AS 44.62.310 discussing matters the immediate knowledge of which would have an adverse effect on the finances of the university. The session included members of the Board of Regents, President Hamilton, General Counsel Brunner, and other university staff members designated by the president and lasted approximately ______ hour(s).
VI. President's Report
VII. Approval of the University of 91ֱFY11 Operating Budget Request and FY11 Capital Budget Request Reference 1-3
The President recommends that:
MOTION #1
The Board of Regents approves the FY2011 operating budget request in accordance with the plan as presented. This motion is effective October 30, 2009.
MOTION #2
The Board of Regents approves the FY2011 capital budget request in accordance with the plan as presented with maintenance of existing facilities as its highest priority. This motion is effective October 30, 2009.
POLICY CITATION
Regents' Policy 05.01.01.A. Budget Policy, states, "The budget of the University of 91ֱrepresents an annual operating plan stated in fiscal terms. All budgetary requests shall be adopted by the board prior to submittal to the Office of the Governor or the legislature."
RATIONALE/RECOMMENDATION
President Hamilton and Associate Vice President Rizk will provide an in-depth review of UAs FY11 Operating and Capital Budget Requests. During the presentation, changes from the previous drafts will also be discussed. Reference 1 and Reference 3 provide details for the proposed FY11 Operating and Capital Budget Requests. UAs budget request includes:
Adjusted Base Requirements including compensation increases, and additional non-discretionary cost increases which include non-personnel services fixed cost increases, compliance mandates, utilities cost increases and new facility operating and maintenance costs at $25.3 million. University-generated funding increases will cover $13.8 million, with the remaining $11.5 million requested from State funds.
Operating funds focused in the strategic areas of energy; science, technology, engineering & math (STEM); climate; high demand jobs; and student success initiatives. Coupled with the state funding investment of $11.0 million toward programs, additional university generated revenue will cover $8.3 million toward these program expansions.
Priority capital needs include $50 million toward UAs Annual Facility Renewal and Renovation (R&R); UAF Life Sciences Classroom and Lab Building ($88 million state funding and $20.6 million university receipts); Planning and Design for UAA/UAF Engineering Facilities ($10 million); a Feasibility Study for Community Campuses ($1.4 million); and Reducing Deferred Maintenance and Renewal Backlog ($50 million).
Reference 2 provides the University of 91ֱPerformance Evaluation report. Associate Vice President White will provide highlights of the university's recent performance on key measures, as well as future performance expectations in context of operating conditions, recent investments and proposed FY11 budget increment requests. The performance evaluation report also includes long-range fiscal and performance plan scenarios, outlining revenue, expenditure, and performance expectations under maintenance and growth scenarios.
VIII. First Review of the 6-Year Capital Plan Reference 4
POLICY CITATION
In accordance with Regents Policy 05.12.032:
(A) Annually, within the capital budget process, each MAU will prepare and update a 6-year capital plan proposal. The MAU 6-year capital plan proposals, which are developed based upon approved strategic, academic and other planning assumptions, will be consolidated into a systemwide 6-year capital plan in accordance with guidelines approved by the board and procedures established by the chief finance officer. The systemwide 6-year capital plan will be presented to regents committees responsible for facilities and budgeting for review and comment prior to submission to the full board for approval. Once the 6-year capital plan is approved, the MAU 6-year capital plans shall consist of those projects in the sequence and with the funding sources as identified in the board-approved 6-year capital plan.
(B) The 6-year capital plans shall be reviewed and updated each year as part of the capital budget submission process. Year one of the approved systemwide 6-year capital plan, exclusive of any operating leases and other property or facilities funded from current operating funds, shall become the universitys capital budget request for the next capital appropriation cycle.
(C) Each MAU shall include as part of its budget submittal such information regarding reportable leased facilities as may be requested by the chief finance officer.
RATIONALE AND RECOMMENDATION
Associate Vice Presidents Rizk and Duke will present the draft 6-year capital plan, the scope of which has been extended to include a 10-year period in order to display additional information that is congruent with the 10-year fiscal plan submitted to the State of Alaska. They will review and discuss the ongoing requirement for annual renewal and renovation (R&R) funding, funding to reduce the deferred maintenance backlog to a reasonable level, and the anticipated capital improvement themes and projects for FY11-FY20. The 10-year capital plan will be presented to the Board for approval at the November 30-December 1, 2009 meeting.
The inclusion of the project in the 10-year capital plan does not guarantee project funding. The plan incorporates all four MAU plans into a systemwide-plan. Since priorities inevitably change to adjust for planned and unplanned circumstances, the entire plan will be reviewed annually as part of the capital budget process and presented to the board for approval.
IX. Update on General Revenue Bond
POLICY CITATION
In accordance with Regents Policy 05.04 Debt and Credit specifies the guidelines for debt issuances and requires that all debt issuances for refunding or refinancing debt must be approved by the Board of Regents.
RATIONALE AND RECOMMENDATION
Process and Justification
The purpose of this item is to inform the board of an upcoming bond refunding to be approved at the November 30-December 1, 2009 meeting. The 2009 Series P general revenue bonds will provide for the refunding (refinancing) of the outstanding maturities of the 1998 Series H and 1999 Series J general revenue bonds.
Estimated present value savings, based on current interest rates, on the refunding of the 1998 Series H and 1999 Series J general revenue bonds total $770,000 and $520,000, respectively or approximately 8.7 percent of the bonds being refunded.
A summary of estimated amounts for the Series P Bond refunding (refinancing) follows:
1998 Series H $ 8,840,000
1999 Series J 5,985,000
Total 2009 Series P Bonds $14,825,000
Bond issuance costs, including underwriting discount, and fees for financial advisor, bond counsel and rating agencies are estimated at $140,000, or one percent of bond principal. The bond costs are not reflected in the total bonds considered above.
Recommendation
No action is required at this time. Controller Myron Dosch and Debt Manager Judy Brainerd will brief the board on the debt issuance and be available to answer any questions.
X. Approval of Federal Stimulus Receipt Authority Request
The President recommends that:
MOTION
The Board of Regents approves the federal stimulus receipt authority request as presented. This motion is effective October 30, 2009.
POLICY CITATION
Regents' Policy 05.01.01.A. Budget Policy, states, "The budget of the university represents an annual operating plan stated in fiscal terms. All budgetary requests shall be adopted by the board prior to submittal to the Office of the Governor or the legislature."
RATIONALE/RECOMMENDATION
Associate Vice Presidents Rizk and Duke will also provide an update regarding federal stimulus funding. The requested federal stimulus receipt authority will allow the University of 91ֱto accept federal stimulus grants that have been awarded. A list of grants for which federal stimulus receipt authority has been requested will be hand carried to the meeting.
XI. Board of Regents' Comments
XII. Adjourn
Agenda
Meeting of the Full Board
October 30, 2009
Fairbanks, Alaska
Full Board Agenda: Page PAGE 4 of 6
Full Board Agenda: Page PAGE 1 of 6
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