Financial Futures Group
On December 16, 2002, the President published a memorandum to the campus describing the budget planning process for the year. The memo included a charge to the Financial Futures Group.
To design plans to improve our financial position by creating new revenue or reducing expenses through improved efficiencies.
Don Bantz, Anna Kircher, Frank McGovern and Enrique Riveros-SchÃ¤fer will continue to serve on this group. Art Costantino and Ann Daley have also joined this effort. In addition, I am asking Petra Carver and Mike Segawa to join this committee. Steve Trotter will serve on the committee in an advisory capacity.
1. The group will identify any plans that should be implemented almost immediately, before the
2003-2005 biennium, and require minimal campus consultation. The Financial Futures Group will present those plans to the Senior Staff.
2. The group will recommend to the College Budget Council a set of business plans that could create new revenue or produce cost savings in the 2003-2005 biennium.
3. Finally, the group will recommend to Senior Staff a set of revenue-generating and costsaving ideas to be further developed for future biennia.
The work of the Financial Futures Group will be central to gaining greater control over our funding. The Vice Presidents and I are committed to providing the resources to allow this group to be successful. The group should notify Senior Staff if it identifies resources needed to develop through business plans. I assume that many of the plans for generating new revenue or producing cost savings will require resources for start-up and implementation. The Vice Presidents and I will be responsible for developing a strategy to provide one-time funding for such projects.
Tasks and Timeline:
Phase One: To be completed by April 1
1. Solicit ideas from the community.
2. Share the list of ideas with the community and collect comments.
3. Select the a set of promising ideas. Develop specific business plans analyzing costs, benefits, effect on mission.
4. Share these analyses with the community and collect feedback.
5. Forward recommendations to the College Budget Council.
Phase Two: To be completed by June 1
6. Forward recommendations for longer-term ideas to the Senior Staff.