Meeting of the Board of Regents | October 2008
|
THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234 |
TO: |
Cultural 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.