Present: V. Brown, L. Gregg-Jolly, D. Lopatto, W. Moyer, R. Osgood, J. Swartz, R. Vetter, E. Willis

The meeting came to order at 11:00 a.m. in the Chrystal Center Conference Room.

President's Remarks

The President presented an overview of the strategic plan. He began with a strategic planning budget parameters discussion. He stated that the Trustees currently provide 4.25% of the 12 quarter rolling average of the endowment value to the College, of which approximately 3% goes to the base budget and 1.25% goes to the capital reserve fund. Foreseeable commitments would allow us to pay for the plan and approved facilities projects, including $50 million in bonds by around 2011. Even before then we will have capital reserve surpluses which would be used for other needs.

The Trustees' budget objective has been to decrease the relative percent of the base budget supported by the endowment. The President believes that we need to enhance certain revenue streams in the base budget in order to facilitate a greater investment of endowment into the base budget. L. Gregg-Jolly noted that strategy basically amounts to growing the budget without increasing the percentage contribution from endowment. She noted that this revenue stream strategy increases the need for more tuition income, and holds gift and grants neutral. She expressed concern that the strategic plan when approved, and subsequent budget implications, will be with us for a long time and she does not want to do anything that would end up changing the character of the College. The President believes that we are in the process of building a relatively prudent budget. L. Gregg-Jolly noted that while she is sure that this plan calls for increasing the budget, she is not sure that the revenue stream strategy will be trivial. D. Lopatto summarized the discussion by noting a good strategic plan is one that is affordable.

The President asked Council members to send him substantive comments so that he can revise the document to go to the faculty. L. Gregg-Jolly asked, respectfully, why the President, and not the Chair of the Faculty, will be giving this presentation to the faculty. The Dean noted that the previous Chair of the Faculty had guided the planning process and produced a report for the President to consider. The President noted that he sees the need for the establishment of an all faculty (including the Dean) committee to flesh out the final plan for the academic program, but a small working group of primarily administrators who are professionals with expertise in financial aid to deal with those issues. There was discussion of the structure of academic planning committee in relation to issues of representation and "buy-in' by the full faculty.

The President left the meeting at 12:15 p.m.

Dean's Remarks

He noted that the Economics Department had accepted Council's recommendation on the position description discussed in a previous meeting.

He distributed the new fact book.

He reported that he had a successful meeting with the chairs regarding the new faculty salary process.

He noted that he had received one diversity proposal so far.

Election of Council Representatives

E. Willis nominated, R. Vetter seconded, Leslie Gregg-Jolly as Council representative on the Budget Steering Committee. The motion was approved.

D. Lopatto nominated, W. Moyer seconded, E. Willis as Council representative on the Diversity Steering Committee. The motion was approved. Council indicated that they would provide some direction to the work of the Diversity Steering Committee.

Council then took up the matter of identifying faculty members who would be asked to participate in the fleshing out of the academic portion of the strategic plan.

The meeting was adjourned at 1:00 p.m.

Secretary
Karen Wiese