[1983-10-20] Minutes of a meeting of the Executive Committee of the Board of Visitors of Virginia Commonwealth University Octover 20, 1983.

              MINUTES OF A MEETING OF THE EXECUTIVE COMMITTEE
      OF THE BOARD OF VISITORS OF VIRGINIA COMMONWEALTH UNIVERSITY 
                October 20, 1983


      A meeting of the Executive Committee of the Board of Visitors of

    Virginia Commonwealth University was held on Thursday, October 20,

    1983, at 9:00 a.m. in the University Meeting Center.

      Present were Messrs. Craigie, Morris, Reynolds and Smith; Drs.

    Coleman, Gayle and Nemuth; and Mrs. Whittemore. Mr. Ludeman was

    absent. Also present were Drs. Ackell, Hall, Salley, Wilson and Woods;

    Messrs. Bruegman, Guerdon, Ross and Ware; and Mrs. Price.

      Mr. Smith called the meeting to order. Mr. Bruegman presented the

    Year-End Budget Report for Educational and General Funds for the fisca
l
    year ended June 30, 1983. Mr. Bruegman stated that, as of this date,

    the University's revenues and expenditures were in balance. Compared

    to budgeted revenue and expenditures, 99.61 percent of budget revenue

    was realized and a similar amount was expended.

      Mr. Bruegman presented the Quarterly Budget Report for Educational 

    and General Programs for 1983-84. He stated that as of September 30, 

    1983, the University's total percentage of budgeted revenue received t
o
    date is slightly behind that reported for the same period last year. 

    Eighty-four percent of the University's total Educational and General

    program revenues have been received this year compared to 85.3 percent

    a year ago. The percent of year-to-date expenditures expended for this
 
    year is 5.5 percentage points behind that of last year. Total

    expenditures are 21.3 percent of budget this year compared to 26.8

2
percent a year ago. Mr. Bruegman stated that the current 1983-84 bud- 
get does not reflect the 1.5 percent reversion recently imposed by the  
Governor.
Mr. Smith stated that the economic forecast looks somewhat better  
than projected several months ago. However, the Governor does plan to  
proceed with the 1.5 percent reversion. Last year, one of the contrib- 
uting factors to the dollar shortfall was the large number of income  
tax refunds made by the State. The Governor would like to have some  
additional funds in reserve should this same situation develop again.
On motion made and seconded, the Committee convened into executive  
session to discuss the investment of funds and to discuss matters  
relating to gifts, bequests and fund-raising activities as authorized  
by Section 2.