University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
June 26, 2007
University Center at 1:30 p.m.

Minutes

Committee Members Present

Dr. Edythe Abdullah, Ms. Wanyonyi Kendrick, Dr. Bruce Taylor, Ms. Carol Thompson, Ms. Rachael Tutwiler, Mr. Kevin Twomey

Committee Members Absent

None

Item 1 Call to Order

Committee Chair Twomey called the meeting to order, stating that the purpose of this meeting was to give recommendations to the Board on the financial plans for the upcoming fiscal year.

 

Committee Chair Twomey introduced Mr. Robert Berry, UNF's new Deputy Director of Internal Auditing. He stated that Mr. Berry would be replacing Dr. Marty Khan, Director of Internal Auditing, for the next ten months.

Item 2 Approval of the Minutes

Committee Chair Twomey asked for approval of the minutes for the May 17, 2007 meeting. The minutes were approved unanimously.

Item 3 Open Comments

There were no comments from the public.

Item 4 Schedule of Tuition and Fees

Committee Chair Twomey asked Vice President Shuman to speak about this item.

 

Vice President Shuman stated that the meeting materials were the same as they were for the previous Finance and Audit Committee (FAC) workshop. She stated that there would be no increase to in-state tuition for undergraduate students, a 5 percent increase in tuition for in-state graduate students, no increase in out-of-state fees for either undergraduate or graduate students, a 5 percent increase in the differential tuition charged students enrolled in the nurse anesthetist program and the Doctor of Physical Therapy program. Graduate students from Georgia would be exempt from out-of-state tuition but would pay a special surcharge.

 

Chair Taylor asked for clarification on last year's out-of-state undergraduate tuition. Vice President Shuman stated that there was no increase last year.

 

Committee Chair Twomey asked for a motion for approval, notwithstanding any decisions from the Board of Governors and others that might be made subsequent to this meeting. The motion was offered, seconded and approved unanimously.

Item 5 Tuition and Fees Regulations

Committee Chair Twomey asked Vice President Shuman to speak about this item.

 

Vice President Shuman stated that these regulations put into words what was reflected in the schedule of tuition and fees. These regulations required Board approval prior to publication in the student handbook and subsequent fee assessment.


Committee Chair Twomey asked for questions or comments. Upon receiving none, he asked for a motion to approve the regulations individually and in succession. The Schedule of Tuition and Fees regulation was passed unanimously. The Special Fines and Penalties regulation was passed unanimously. The Waiver of Student Tuition regulation was passed unanimously.

Item 6 UNF Budget

Committee Chair Twomey asked Vice President Shuman to speak about this item.

 

Vice President Shuman stated that the budget being presented was discussed at the last FAC meeting and subsequent workshop. Committee Chair Twomey stated that possible pay raises would be addressed if changes were made to the budget in the upcoming year. Trustee Kendrick stated that she wanted to ensure that the Board did not close discussions on pay raises. Committee Chair Twomey stated that this issue would be discussed at upcoming FAC meetings.

 

Committee Chair Twomey asked for further questions and comments. Trustee Tutwiler stated for the record that the student body deemed faculty salaries as a top priority. Committee Chair Twomey asked for a motion to approve UNF's budget. Trustee Kendrick offered the motion and Trustee Thompson seconded. This item was approved unanimously.

Item 7 One-Year and Five-Year Capital Requests (PECO) Submissions

Committee Chair Twomey asked Vice President Shuman to speak about this item.

 

Vice President Shuman spoke about the top 4 priorities on the PECO list, stating that utilities and infrastructure were the first priority, as was the case with all universities. She stated that the science and humanities building (previously called the arts and sciences building) was the second priority. This item would include new laboratories and classrooms. The third priority was land acquisition to replace previously allocated funds that had been diverted to the purchase of UNF Hall. The fourth priority was road improvements and the remaining 9 priorities were for various renovations.

 

Trustee Kendrick asked for clarification on animal care facilities, specifically animal research. Committee Chair Twomey stated that this discussion would be addressed at an upcoming Educational Policy Committee meeting.

 

Trustee Abdullah asked for clarification regarding the Courtelis matching funds. Vice President Allaire stated that this report would be available in January.

 

Committee Chair Twomey asked for further discussion. Upon receiving none, he asked for a motion to approve the PECO priorities. The motion was offered, seconded and approved unanimously.

Item 8 Annual Capital Outlay Plan

Committee Chair Twomey asked Vice President Shuman to speak about this item.

 

Vice President Shuman stated that the Annual Capital Outlay Plan listed all current projects and the amount the University planned to spend, including remaining funds on the projected budget. She stated that this plan required Board approval.

 

Committee Chair Twomey asked for comments or questions. Upon receiving none, he asked for a motion to approve the Annual Capital Outlay Plan. A motion was offered, seconded and approved unanimously.

Item 9 Bond Financing Update for the Student Union and Student Housing

Committee Chair Twomey asked Vice President Shuman to speak about this item.

 

Vice President Shuman stated that the purpose of this item was to provide an update on the bond market. She stated that there had been $111 million in housing bonds sold. Existing variable bonds were refinanced, yielding $70 million in new money and the true interest cost was 7.3 percent. Additionally, there had been $20 million in Student Union bonds sold with a 4.76 percent true interest cost.

 

Committee Chair Twomey stated that after considerable discussion at UNF Financing Corporation meetings, moving to fixed debt was deemed a good long-term decision for the University.

Item 10 Adjournment

Committee Chair Twomey asked for further questions or comments. Upon receiving none, he adjourned the meeting.