Committee Report | May 2011
REGENTS COMMITTEE ON AUDITS/BUDGET AND FINANCE
The Board of Regents
May 17, 2011
The Regents Committee on Audits/Budget and Finance met as scheduled on May 17, 2011. Vice Chair Bendit, Regents Tilles, Phillips, Tallon, Young, Cashin and Cottrell were in attendance.
Chair’s Remarks: Regent Chapey welcomed everyone. She reiterated the role of the Committee in assisting the Board of Regents in its fiscal responsibilities and fostering collaboration across the Department.
Items for Discussion
May 2011 Fiscal Report
Your Committee reviewed the fiscal report. Our Chief Operating Officer briefed the Committee members on the status of efforts to improve the fiscal health of some accounts including Teacher Tenure Hearings, Cultural Ed, GED, and Assessment.
Implementing the 2011-2012 Operations Budget
The Committee was updated on the development of budget plans and cost cutting measures in line with the enacted State budget.
The Committee was presented with 59 audits this month. The audits included 6 audits issued by the Office of Audit Services (OAS) and 53 audits issued by the Office of the State Comptroller (OSC). The members were briefed on the audit of Henry Viscardi School. The audits identified the need for recovery of funds and improved accounting and budgeting practices. OAS will continue to monitor trends requiring the attention of the Committee.
Developing the Audit Plan for the Office of Audit Services
The Committee was updated on the development of the Office of Audit Services’ Audit Plan for 2011-2012 which will be presented at the next month’s meeting.