Finance/Budget & Planning Committee

Finance/Budget & Planning Committee Meeting Date: June 16, 2010 Location: Staff Lounge – 12:45 p.m.

MINUTES

Present: Peter Allan, G.H. Javaheripour, Mark Zacovic, Sheri Nolan-Foster, Chris Grover, Virginia Moran, Mary Pringle, Deedee Orta, Mark Clair, Jennifer Larriva (guest) and Shirley Snell-Gonzalez (recorder)

Absent: Debby Blanchard, Pearl Bandringa, Arlene Greene, Gary Menser, Khalid Rubayi and Joe Range

I. The meeting was called to order at 12:50 p.m. by Chris Grover for Peter Allan, chair.

II. Minutes of the May 26, 2010 meeting were approved as written. Deedee noted that an “Absent” portion has been added as requested at the last meeting.

III. Budget Update – G.H. reported that Jon Chaing, State Controller, indicated that the state budget deadline (June 15) had passed without an approved budget - which now forces him to make hard decisions about payments. The update to CEO’s from Eric Skinner from CCLC talked about the possibility of no growth and $150M hit which translates into a possible negative 2%. GH will be meeting with his staff to review cash on hand and discuss how VVC will proceed. In addition, PERS cost of employer rates were increased from 9.7% to 10.2% for next year. This is an additional ½% that needs to be added into the working budget.

IV. Budget Augmentation Process – Deedee distributed a spreadsheet of the 2010-2011 General Fund Budget Augmentation Requests. A change has occurred in that “Travel” funds will be dispersed through the department Vice President. Deedee asked if the committee would like to implement a process due to this change. Deedee will work with staff to refine the listing and extract “mandatory/necessary” expenditures, on-going or one time requests and will bring to the next meeting for additional review. GH pointed out that a budget needs to be provided to the Board of Trustees as direction from them is critical.

V. Other – Mark Zacovic asked if there was a plan to spend the $55 million bond funds. Discussion ensued as to having spent $1 million on main-campus beautification projects, but a specific plan has not been given, partially due to a change in the presidency.

VI. Next meeting – the next scheduled meeting is Wednesday, July 7, 2010.

VII. Adjourn – the meeting adjourned at 1:45 p.m.