F&F Cover letter - Vermont State Colleges System

MEMORANDUM

TO:

VSC Finance & Facilities Committee

M. Jerome Diamond

J. Churchill Hindes, Chair

Tim Jerman

Bill Lippert

Christopher Macfarlane, Vice Chair

Linda Milne

Martha O'Connor

FROM:

Tom Robbins, Vice President of Finance & Administration Chief Financial Officer

DATE:

November 24, 2015

SUBJ:

December 2, 2015 Finance & Facilities Committee Special Meeting

This special meeting of the Finance and Facilities Committee will begin at 1 p.m. at Langevin House at Vermont Tech's Randolph campus. The agenda and back up material for the meeting are enclosed.

Please note this meeting is a continuation of the November 18th meeting. Your meeting packet contains all the materials from that meeting related to the Items for Information and Discussion. In addition, copies of the presentations the Plant Directors made at the October 29th meeting have been included for your reference.

If you have any questions, I can be reached at (802) 224-3022. Thank you.

cc:

VSC Board of Trustees

Council of Presidents

Business Affairs Council

Sam Winship, Dept. of Finance & Management

Douglas Hoffer, State Auditor

Vermont State Colleges Board of Trustees Finance and Facilities Committee Special Meeting

December 2, 2015

AGENDA

A. ITEMS FOR INFORMATION AND DISCUSSION

1. Review and Discuss Q1 Financials 2. Review and Discuss VSC Debt 3. Follow-up on October 29, 2015 Finance & Facilities Committee Meeting 4. Update on Ongoing VSC Construction 5. Review Capital Projects Report

Page 3 Page 32 Page 36 Page 68 Page 70

B. ITEMS FOR INFORMATION ONLY

1. Monthly Grant Activity Report 2. Date of Next Meeting: Wednesday, January 13, 2016

Page 73

VSC Board of Trustees

Finance & Facilities Committee Meeting

3

December 2, 2015

A. ITEMS FOR INFORMATION AND DISCUSSION

1. Review and Discuss Q1 Financials

The Q1 financials, tuition and fees monitoring reports, and narratives are attached for Committee review. At this point in the year, most colleges are projecting greater than budgeted student FTE for FY2016. However, Total Operating Revenue is below budget primarily due to decreased Room & Board. Projected expenses are trending more than budget. The colleges are actively looking at their revenues and expenses as they enter Q2 and will start adjusting accordingly. It is worth repeating that the Q1 financials contain the first three months actuals and the remaining nine months projections; therefore the Q1 numbers will not be as accurate as the subsequent quarters.

VSC Board of Trustees

Finance & Facilities Committee Meeting

4

December 2, 2015

VSC Board of Trustees

Finance & Facilities Committee Meeting

5

December 2, 2015

VSC Board of Trustees

Finance & Facilities Committee Meeting

6

December 2, 2015

VSC Board of Trustees

Finance & Facilities Committee Meeting

7

December 2, 2015

VSC Board of Trustees

Finance & Facilities Committee Meeting

8

December 2, 2015

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download