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Finance & Operations Committee Finance & Operations Committee September 2019 September 12, 2019 2:00 p.m. - 5:00 p.m. Boardroom, McNamara Alumni Center FIN - SEP 2019 1. 2019-20 Committee Work Plan Docket Item Summary - Page 4 Draft Work Plan - Page 6 2. President's Recommended Six-Year Capital Plan and 2020 State Capital Request - Review Docket Item Summary - Page 10 Resolution - Six-Year Capital Plan - Page 15 Resolution - 2020 State Capital Request - Page 16 Project Description Report - Page 17 Project Funding Report - Page 24 Projects Under Consideration - Page 32 Presentation Materials - Page 40 3. Overview of Family Student Housing on the Twin Cities Campus Docket Item Summary - Page 58 Presentation Materials - Page 61 4. Resolution Related to Dining Services Contract Extension (Twin Cities Campus) - Review Docket Item Summary - Page 73 Resolution - Page 75 Purchase Narrative - Page 76 Presentation Materials - Page 77 5. Real Estate Transactions - Review Docket Item Summary - Page 88 Purchase of 2025 East River Parkway, Minneapolis (Twin Cities Campus) Transaction Narrative - Page 89 Parcel Map - Page 91 Presentation Materials - Page 92 Sale of Murphy Warehouse - 701 24th Avenue SE, Minneapolis (Twin Cities Campus) Transaction Narrative - Page 106 Parcel Map - Page 108 Presentation Materials - Page 109 6. Consent Report - Review/Action Docket Item Summary - Page 115 Page 2 of 146 Central Reserves General Contingency Allocations - Page 117 Purchase of Goods and Services $1,000,000 and Over - Page 118 7. Information Items Docket Item Summary - Page 123 Annual Asset Management Report - Page 126 Progress Report on Sustainability & Energy Efficiency Targets and Standards - Page 137 Quarterly Purchasing Report - Page 139 Page 3 of 146 BOARD OF REGENTS DOCKET ITEM SUMMARY Finance & Operations September 12, 2019 AGENDA ITEM: 2019-20 Committee Work Plan Review Review + Action Action X Discussion This is a report required by Board policy. PRESENTERS: Regent Richard Beeson Brian D. Burnett, Senior Vice President PURPOSE & KEY POINTS The purpose of this item is to review and discuss the 2019-20 committee work plan. BACKGROUND INFORMATION Board of Regents Policy: Board Operations and Agenda Guidelines describes the role of the Finance & Operations Committee as follows: The Finance & Operations Committee (FIN) oversees and makes recommendations to the Board related to the University’s operations, fiscal stability, physical assets (e.g., land, buildings, infrastructure, technology, and equipment), and long-term economic health. The committee also advises the administration on faculty and staff compensation strategy, benefits, recruitment, and engagement. Specifically, this committee recommends to the Board: appointments reserved to the Board as defined by Board of Regents Policy: Reservation and Delegation of Authority Article I, Section IV. budgetary, financial, and investment matters reserved to the Board as defined by Board of Regents Policy: Reservation and Delegation of Authority Article I, Section VII. property, facilities, and capital budgets reserved to the Board as defined by Board of Regents Policy: Reservation and Delegation of Authority Article I, Section VIII. employment and labor relations matters reserved to the Board as defined by Board of Regents Policy: Reservation and Delegation of Authority Article I, Section XI. This committee provides oversight of: long-range financial planning strategies, including total indebtedness of the University and investment portfolio; the financial relationship between the University and its partners, including affiliated foundations, clinical operations, and external entities; potential risks within University finance and operations; long-range physical asset planning strategies, including technology infrastructure; public safety and emergency preparedness; Page 4 of 146 operational services such as housing, parking, transportation, and dining; faculty and staff employment, compensation and benefits policy, including senior leader compensation, benchmarking, and terms of employment; and employee engagement and workforce development. This committee also reviews: the annual report on central reserves; semi-annual capital financing and debt management reports; semi-annual management reports; semi-annual capital planning and project management reports; quarterly purchasing reports and violations of Board of Regents Policy: Purchasing; quarterly asset management reports; selected financial metrics that measure the University's fiscal condition; periodic updates on future facilities projects; design guidelines when a project design represents an exception to adopted campus master plans; and other financial reports, employment reports, and facilities management reports and significant issues. Page 5 of 146 Finance & Operations Committee 2019-20 Work Plan Date Topics 2019 September 12-13 2019-20 Committee Work Plan Six-Year Capital Plan and 2020 State Capital Request - Review In addition to reviewing the capital plan and capital request, the presentation will provide an update on the facilities condition report and current debt capacity. Overview of Family Student Housing on the Twin Cities Campus This item will provide an overview of University housing available to students with families/children, including an overview of current facilities, and their governance and management structure. The discussion will include an initial analysis of what goals should be considered for this type of housing. The presentation will also provide an update on how the draft Saint Paul strategic facilities plan could inform plans for this type of housing. Resolution Related to Extension of Aramark Contract – Review The committee will review a short-term extension of the contract with Aramark for food service on the Twin Cities campus and the Minnesota Landscape Arboretum. The discussion will outline planned consultation with the Twin Cities campus community and a timeline for action on a long-term food service plan. [Real Estate Transactions] Consent Report o Central Reserves General Contingency Allocations o Purchase of Goods and Services $1,000,000 and Over o Other items as needed (e.g. schematic designs, appointments) Information Items o Annual Asset Management Report o Investment Advisory Committee Update o Quarterly Asset Management Report o Quarterly Purchasing Report o Progress Report on Sustainability & Energy Efficiency Targets and Standards October 10-11 Six-Year Capital Plan and 2020 State Capital Request – Action In addition to acting on the capital plan and capital request, the presentation will outline goals to reduce GSF in poor or critical condition, both with or without additional state funding. [Resolution Related to Extension of Aramark Contract – Action] Twin Cities Undergraduate Nonresident/Non-Reciprocity Tuition Update The purpose of this item is to update the committee on the Twin Cities undergraduate nonresident/non-reciprocity (NRNR) tuition rates and current NRNR enrollment. FY 2021 Budget Variables and Levers The committee will engage in a policy discussion regarding the preliminary budget planning assumptions for the FY 2021 annual operating budget. [Real Estate Transactions] Page 6 of 146 Consent Report o Central Reserves General Contingency Allocations o Purchase of Goods and Services $1,000,000 and Over o Other items as needed (e.g. schematic designs, appointments) Information Items o Debt Management Advisory Committee Update o Real Estate Report December 12-13 Long Range Financial Planning Update The purpose of this item is to highlight and discuss the broad policy choices and options that will guide long-range financial planning. It will also include an initial discussion on the pros and cons of a two-year operating budget. Input from this discussion will inform the Board’s priority of a multi-year financial framework. Administrative Cost Definition and Benchmarking This discussion will review the eighth year of results for the cost benchmarking analysis of the University. It will provide an overview of the current analysis and discuss options for future years. University Cost Drivers and Revenue Sources The purpose of this item is to provide the committee with an overview of significant costs and revenue sources for the University. The conversation will provide context on restricted vs. unrestricted revenue sources, key cost drivers, and potential sources of revenue beyond tuition and O&M funding. Input from this discussion will help inform the Board’s priority of a multi-year financial framework. Saint Paul Strategic Facilities Plan Update The purpose of the item is to update the committee on work that has been done on the draft Saint Paul Strategic Facilities plan. This will include how this plan will work in concert with the Systemwide Strategic Plan and highlight potential first phase projects that may be included in the FY 2021 Annual Capital Improvement Budget. Based on the interaction with the Systemwide Strategic Plan, a tentative timeline for Board action on the Saint Paul Strategic Facilities Plan will also be outlined. Consent Report o Central Reserves General Contingency Allocations o Purchase of Goods and Services $1,000,000 and Over o Off-cycle tuition approval o Other items as needed (e.g. schematic designs, appointments) Information Items o Annual Report on Targeted Business, Urban Community Economic Development, and Small Business Programs o Commercial Paper Facility Update o Semi-Annual Capital Project Management Report o Debt Management Advisory
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