Present: S. Barber, V. Brown, L. Gregg-Jolly, M. Montgomery, R. Osgood, M. Schneider, J. Swartz, R. Vetter

The meeting came to order a 4:20 p.m. in the Nollen House Conference Room.

Jonathan Brand joined Council to provide a brief overview presentation of the current status of the 2004-05 budget development process. Brand had earlier electronically distributed three documents for Council consideration:

He noted that budget development involves a nine-month iterative process involving the Budget Steering Committee, the President, and Board of Trustees Budget Committee. This begins with the Budget Steering Committee developing the budget parameters and asking the Board Committee for comment. Then the Budget Steering Committee incorporates the budget requests of the various units of the College into the base budget model which makes a series of assumptions about the broader budget parameters.

He proceeded to highlight several areas of the current fund budget. He began with an overview of the comprehensive fee, noting that the current target is that our fee be 90% of our that of our peer group. L. Gregg Jolly asked for the rationale for using the comprehensive fees of our peers in setting ours. The President responded that it is both a consideration of the market and our budget that produces this target, but that the Board has this under review.

Brand presented an overview of the tuition discount rate. He noted that the objective is to increase the net tuition revenue. However, the latest incoming class had a higher need than projected so we see a deterioration in net tuition revenue. L. Gregg-Jolly asked if the effect of raising tuition next year for this group of high need students is to mean they need even more money. The President responded that the increase in tuition is matched by an increase in their need-based financial aid package if they receive such financial aid.

Brand talked about the endowment spending contribution to the base budget, noting that the Board is reconsidering its policy at this time, but that the guidance the College was given in October is that this figure should be near three percent of a twelve-quarter rolling average. The President noted that if the endowment is stagnant, then you will eventually reach the upper level target. There was a question about the 4.5% payout. The President noted that the 4.5% endowment payout contribution is divided into contribution to the base budget (at around 3 %) and to the capital reserve fund (at around 1.5%). The Board currently has plans to end the capital reserve fund by 2008 and will discuss what might replace it.

Brand briefly touched on the faculty and staff salary pools, noting that we spend a lot of time determining how we did last year in comparison to our peers. He noted that the Budget Steering Committee will be able to give approximate figures on the pool to the Chair of the Faculty in early January.

Finally, he noted that, on the budget expenditure side, the facilities cost to the operating budget reflects taking Darby and the Health Center off-line and adding CERA which should all occur during the next fiscal year.

Brand left the meeting at 5:00 p.m.

The minutes of 10/29/03 were approved.

President's Remarks

He stated that he would be traveling to London and Paris for a week to attend various alumni events.

The President continued with remarks on the current fund budget projection. He noted that the budget deficit is projected at $361,000 but we will need to spend more than estimated on fuel due to rising prices and we may see some improvement in financial aid cost. He also believes that we will need a larger faculty salary pool if we are to make progress on faculty salaries begun last year. Additional actions that affect the budget include the removal of eight administrative positions last year. However, he projects adding three new positions this coming.

Dean's Remarks

The Dean noted that Marci Sortor has agreed to serve in the Dean's Office for an additional year.

He distributed a list of associate professors and noted that it is around this time of the year when Council looks at people for promotion to full professor. He asked Council members to talk with people they think might be interested in coming forward. He noted that we are looking at people who achieved associate rank in 1997 or before.

Council Remarks

V. Brown asked if we participate in the National Survey of Student Engagement. The Dean said that we do not, but do participate in other surveys. Brown noted that it was of interest to her that this particular survey includes a look at the classroom.

V. Brown asked what emphasis the College places on Mentored Advanced Project student publication. The Dean responded that there is a heavy emphasis placed on public presentation.

L. Gregg-Jolly thanked M. Montgomery for his power point presentation of the state of strategic planning to the faculty on Monday.

There will be no Council meeting as scheduled for November 12, 2003 due to the absence of several members.

The meeting was adjourned at 5:50 p.m.

Secretary
Karen Wiese