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Financial Information Subcommittee

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Hartnell College Board Room - 411 Central Salinas, CA
February 18, 2010 at 3:00PM

Kent Stephens/Peter Calvert, Co-chairs

NOTE: These are DRAFT minutes only. To be approved/revised at 3/18/2010 meeting.

Al Munoz, Beverly Grova, Joanne Trevino, Karina Rey, Kent Stephens, Larry Adams, Maria DeLeon, Peter Calvert, Tammy Eddings

Julian Garcia, ASHC President

Rachell Summers

4:50 pm

Agenda #1

Topic:Approval of Agenda
Presenter:Kent Stephens
Summary of Agenda Item:Motion was made by Larry Adams to approve Agenda, Al Munoz seconded. All in favor, no abstentions.
Action(s) required:NA

Agenda #2

Topic:Meeting Frequency
Presenter:Kent Stephens
Summary of Agenda Item:It was decided that FIS would meet once each month. The primary meeting will be the 3rd Thursday of the month.

The 1st Thursday of each month will be held in reserve, if an additional meeting is deemed necessary.
Action(s) required:None
Responsibilites:Rachell Summers, for meeting notification

Agenda #3

Topic:Last year's process, what worked, what didn't work, what can we improve?
Presenter:Kent Stephens
Summary of Agenda Item:There was general discussion about last years processes. It was discussed that our role forward is to give RAC:
1. Update on FTEs
2. Cash flow information
3. Budget cuts - real numbers (as close to real numbers as is possible).

It was agreed that it is important to remain transparent, but with the realization that the budget is very fluid depending on Sacramento (our legislature) decisions and when they are disclosed. We can be transparent with information that we have at the moment, but with the knowledge that it may change depending on the legislature decisions and when they are disclosed.

A question was asked regarding expenditure of Foundation funds that are raised and if they can be used in the General Fund. Beverly Grova reported that the funds are used mostly for projects and to launch new programs. Grants can be written to allow for money for equipment or for a percentage to be used for clerical support or faculty needed to launch the new programs or projects.

There was discussion on increasing revenue and areas where revenue is generated.
1. FTEs
2. Property taxes
3. Student fees (collecting fees).

Regarding #3, it was recommended that we formally notify RAC about the uncollected fees ($1.6 million in uncollected fees) and that FIS has some ideas about how to collect the fees. It may mean that changes in policy about collecting old debt need to be made and FIS would want to have RAC support and guidance if this was something RAC agreed should be done.

Peter Calvert volunteered to write letter to RAC about the uncollected fees to date and indicating that FIS has some ideas about a way to start collecting the old debt and ideas about how to stop new debt from occurring. It was noted that the RAC meeting was set for the following week. Peter said he would get a draft letter out to FIS members right away for their approval before sending on to RAC.

Kent Stephens shared two handouts to committee members:
*Community colleges rethink missions as budget tighten;
*Overview of the Community College Proposed STate Budget for 2010-2011. (NOTE: This handout came from a workshop that Kent Stephens and Al Munoz attended).

In some further general discussion, it was noted that TRAN stood for Tax Revenue Anticipated Note and it is the mechanism used to borrow money against anticipated FTEs payments from the state. These funds must be paid back and borrowing TRANS funds is limited to certain times of the year, usually at the beginning of the fiscal year. Because of the budget crisis in California, mid-year TRANS have been allowed recently.
Action(s) required:1.Continued discussion of budget.
2.Letter to RAC re student fee collection.
Responsibilites:Peter Calvert (letter to RAC); Al Munoz and Kent Stephens (budget prep for discussion)