Meeting of the Board of Regents | November 2010

Report of

REGENTS SUBCOMMITTEE ON AUDITS/BUDGET AND FINANCE

to

The Board of Regents

November 16, 2010

Your Regents Subcommittee on Audits/Budget and Finance met as scheduled on November 15, 2010. Vice Chancellor Cofield, Vice Chair Bendit, Regents Phillips, Tallon, and Tilles were in attendance.

Chair’s Remarks:  Regent Chapey welcomed everyone and stated that the enhanced responsibilities of the Subcommittee for audit, budget and finance places it in a position to closely watch the fiscal implications of and challenges to the implementation of the Department and Board’s reform agenda.

Items for Discussion

2011-12 Budget Request

Your Subcommittee reviewed the 2011-12 budget requests. The Department’s Chief Operating Officer provided background on each of the various requests.
October Fiscal Report

Your Subcommittee reviewed the October fiscal report. There was a discussion of the fiscal challenges facing the Department.
2010-11 Federal Budget Update

The Subcommittee was briefed on activity that has taken place regarding the federal budget. The lame duck session of the Congress will be meeting shortly to address the budget.

Proposed Revised Subcommittee’s Charge

The Subcommittee was briefed on the revised Charge Statement. The benefit of the new Subcommittee will be to bring together fiscal and audit issues and allow a more centralized review and discussion of issues.

Process for Developing the 2011 -13 Audit Plan

Audit staff briefed your Subcommittee on the process that will be used to develop its next two-year audit plan. The process will involve identification of major internal control systems and Department functions, assigning relative risk and obtaining input from Department managers. The recommended results will be brought to the Subcommittee for their input. Staff will periodically brief the Subcommittee on the progress in plan development.

Completed Audits

The Subcommittee was presented with 7 audits this month. The audits included 6 audits of school districts issued by the Office of the State Comptroller as well as one audit of a College’s administration of the Tuition Assistance Program (TAP).