{ "document_id": 15218, "page": 93, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 15336, "item_count": 9, "counts_by_type": { "footer": 1, "formula": 1, "heading": 1, "text": 6 }, "build_ms": 2, "items": [ { "id": "p93.1", "order": 1, "type": "text", "bbox": { "l": 93.6, "t": 747.84, "r": 571.68, "b": 633.84 }, "text": "as to how we are going to make up the shortfall. President Burse stated that he had a budget reduction plan that he would give to the Board in the afternoon session. The President instructed Ann Knotts, Director Budget Policy and Planning to distribute copies of the reforecasted budget plan to the committee. Regent Guarnieri inquired as to what the difference was between the $2.1 million and $813,644 in other sources listed under other revenue in the reforecasted budget plan. Ms. Knotts stated that it consisted of indirect costs recovery, nursing lab fees, homecoming fees, scholarships through endowments and student activity fees. She stated that with enrollment going down these will also go down." }, { "id": "p93.2", "order": 2, "type": "text", "bbox": { "l": 93.84, "t": 621.12, "r": 571.2, "b": 464.88 }, "text": "Regent Whitehead inquired if 235 is the number of students we are going to lose because they were unable to pay their first installment. President Burse stated that the 235 students are those who were on a payment plan but didn't make their first installment. Mrs. Martin stated that she had just received an updated number this morning. She further stated that the Bursar's Office worked with Enrollment Services and Residence Life to notify students who were on a payment plan but didn't make their first installment and students who had their payments returned by the bank. President Burse referred to the financial plan that was distributed and stated the $1.6 million is the amount owed by students with PIO's and the $2 million is the amount owed by students without PIO's. He said he had Ms. Knotts add in the $3 million which leaves a $6.7 deficit to show what the potential could be. He further stated that we are collecting some of the money even as we speak." }, { "id": "p93.3", "order": 3, "type": "text", "bbox": { "l": 93.36, "t": 452.88, "r": 571.2, "b": 324.72 }, "text": "Regent Whitehead asked about the agreement with the state to assist with some of the collection. President Burse stated there has not been a single account sent to them. Regent Guarnieri stated that they were told the first 80 or 120 had been sent. President Burse said he had a meeting with the Revenue Cabinet Secretary. One of the problems was that our data feed and their data feed didn't match and then they changed their system. The Revenue Commissioner has agreed to help us get in the front of the line when their system gets turned back on. KCTCS will assist us in making certain our data is in the proper format so it can be received by Revenue and Revenue has agreed that we will become their priority. Ms. Martin stated that Revenue has contacted our IT department." }, { "id": "p93.4", "order": 4, "type": "text", "bbox": { "l": 94.08, "t": 312, "r": 570.96, "b": 268.8 }, "text": "Regent Whitehead inquired if the $800,000 expenditure allowed for bad debt was large enough. Ms. Martin stated that they were going to review bad debt expenses quarterly instead of annually as had been done in the past." }, { "id": "p93.5", "order": 5, "type": "heading", "bbox": { "l": 58.8, "t": 256.08, "r": 130.08, "b": 241.2 }, "text": "III. Audit", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p93.6", "order": 6, "type": "text", "bbox": { "l": 93.6, "t": 227.28, "r": 571.2, "b": 114 }, "text": "Crissy Fiscus, Director of Assurance Services with Dean Dorton Allen Ford provided an overview of the 2014 audit. She stated that total assets are roughly $124.4 million and has declined from prior year by roughly five million dollars, total liabilities are consistent with the prior year and the total net position is $110 million. She also stated that total overall operating revenue was $38.7 million and total operating expenses were $73.3 million. She also informed the committee that due to recent pronouncements and a GASB amendment, going forward the University's portion of state pension liabilities will have to be reported in the financial statements." }, { "id": "p93.7", "order": 7, "type": "text", "bbox": { "l": 95.04, "t": 101.04, "r": 570, "b": 72 }, "text": "Ms. Martin stated that the annual closing package and audit reports were submitted to the Finance and Administration Cabinet on October 15th." }, { "id": "p93.8", "order": 8, "type": "footer", "bbox": { "l": 277.44, "t": 36.48, "r": 333.84, "b": 12.72 }, "text": "[p93.8.1]", "attrs": { "block_label": "footer" }, "children": [ { "id": "p93.8.1", "order": 9, "type": "formula", "bbox": { "l": 277.44, "t": 36.48, "r": 333.84, "b": 12.72 }, "text": "\\left\\{\\begin{array}{l}6\\\\ \\end{array}\\right\\}", "attrs": { "latex": "\\left\\{\\begin{array}{l}6\\\\ \\end{array}\\right\\}", "inline": true, "text_offset": 0, "text_span": 9, "bbox_estimated": true, "notation": "latex", "alt": "begin array l 6 end array", "mathml": "{6}" } } ] } ], "excluded_furniture": { "first": [], "last": [] } }