Skip to main content

Meeting of the Board of Regents | October 2008

Thursday, October 2, 2008 - 11:00pm

sed seal                                                                                                 

 

 

THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234

 

TO:

signature of Jeff CannellCultural Education Trusteeship Committee

FROM:

Jeffrey Cannell

SUBJECT:

Report on Office of Cultural Education Finances

DATE:

October 2, 2008

 

STRATEGIC GOAL:

5

AUTHORIZATION(S):

 

 

SUMMARY

 

Issue for Discussion

 

Office of Cultural Education (OCE) finances, including the status of the Cultural Education account and proposals for addressing cash shortfalls resulting from a severe decline in revenue due to financial conditions and continuing transfers of cash from the account for other state purposes.

 

Proposed Handling

 

              This issue will come before the Cultural Education Trusteeship Committee at the October 2008 session.

 

Background Information

 

The Cultural Education Trusteeship Committee has received regular reports about the financial status of Cultural Education accounts. At the request of the Committee, staff also provided a report to the full Board of Regents at its April 2008 meeting highlighting projected funding shortfalls in future fiscal years.  The financial position of the account has continued to worsen since that time. The Regents requested that their legislative and budget priorities include a plan to resolve the funding problems of this account.