|
UNIVERSITY
OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE
May 29, 1998
9:15 - 10:15 a.m., East Oval Room, The Rotunda
- I.
CONSENT AGENDA
- A.
AMENDMENT TO CRITERIA FOR THE CREATION OF THE UNIVERSITY OF VIRGINIA
INVESTMENT MANAGEMENT COMPANY - At its March meeting, the Finance
Committee and the Board of Visitors approved the criteria for
the creation of the University of Virginia Investment Management
Company. The Board is asked now to consider an amendment to the
criteria to comply with the Board Manuals requirement that the
Rector make three appointments from the Finance Committee and
provide for staggered terms of the public members appointed by
the Board.
- B.
PRATT FUND (1998-99 BUDGET) - The Finance Committee and the Board
of Visitors will consider annual allocations from the John Lee
Pratt Fund, used to help support the School of Medicine and the
Departments of Biology, Chemistry, Mathematics, and Physics in
the College of Arts and Sciences. Included in this allocation
is an additional $1.4 million, to be distributed to the School
of Medicine and the Department of Biology in support of the President's
Science Initiative.
- C.
INTENT TO ISSUE BONDS - The Finance Committee and the Board of
Visitors are asked to declare the University's intent to issue
bonds to reimburse expenditures for planning costs, issuance costs,
reserve funds, and other financing expenses associated with the:
1) Student Residence Hall; 2) Biomedical Engineering and Medical
Science Building; 3) Parking Deck for 600 Vehicles and Infrastructure
Improvements; 4) Scott Stadium Expansion; and 5) Clinch Valley
College Student Center. This resolution does not authorize the
issuance of bonds for any of the projects.
-
D. CONTRACT FOR BLOOD SERVICES - The Finance Committee and the
Board of Visitors will consider the approval of a three-year contract
for blood products and services in the amount of $11.0 million.
The agreement exceeds the authority delegated to the Executive
Vice President and Chief Financial Officer to execute procurement
contracts.
- II.
ACTION ITEMS
- 1998-99
BUDGET - During its May meeting, the Board acts on the proposed
operating budgets for the Academic Division, Clinch Valley College
and the Medical Center. The operating budgets for the period July
1, 1998, through June 30, 1999, total $1.09 billion for all divisions
of the University of Virginia. This amount represents an increase
of $37.0 million, or approximately 3.5 percent, compared with
the revised budgets for 1997-98. In response to concerns discussed
at the May 12, 1998, Finance Committee meeting, the revised Medical
Center budget will be presented in detail at the May 29 meeting.
- III.
REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
- REPORT
ON ACTIONS OF FINANCE COMMITTEE, APRIL 6, 1998 AND MAY 12, 1998
-- Mr. William H. Goodwin, Jr. will provide a report on the actions
of the Finance Committee on April 6, 1998, and on May 12, 1998.
- B.
VICE PRESIDENT'S REMARKS -- The Clinch Valley College Committee
and the Finance Committee have discussed alternatives to address
the cost of new construction at Clinch Valley College while keeping
student housing rates below the average of those at state public
institutions. The Executive Vice President and Chief Financial
Officer will report on the Finance Committees request for the
University to subsidize the Clinch Valley College housing operation.
- C.
ENDOWMENT REPORT - As of April 30, 1998, the endowment under the
control of the Rector and Visitors totaled approximately $1.104
billion, compared with $961 million in June, 1997. The $143 million
increase is attributable to approximately $116 million in market
appreciation, and $27 million in gifts and transfers.
MORE MEETING INFORMATION
PAST MEETINGS
PUBLIC MINUTES
|
