Meeting of the Board of Regents | December 2010
REGENTS SUBCOMMITTEE ON AUDITS/BUDGET AND FINANCE
The Board of Regents
December 14, 2010
Your Regents Subcommittee on Audits/Budget and Finance met as scheduled on December 13, 2010. Chancellor Tisch, Vice Chair Bendit, Regents Brooks Hopkins, Phillips, Tallon, and Tilles were in attendance.
Chair’s Remarks: Regent Chapey welcomed everyone and noted that the Department is experiencing many changes and challenges. The goal of the Subcommittee in the times such as these is to assist in moving change in a positive direction toward reform.
Items for Discussion
Presentation – Office of the State Comptroller
The Deputy Comptroller from the Office of Local Government and School Accountability spoke the members on the role of his office is conducting school district audits. He provided an overview of the results of past audits and current initiatives. He also described the risk assessment process used to identify the scope of audits.
Your Subcommittee reviewed the October fiscal report and also discussed a number of updates to the Regents Budget priorities list.
The Subcommittee was presented with 21 audits this month. The Office of Audit Services will continue to monitor trends requiring the attention of the Subcommittee.
Proposed Amendment to Establish Committee on Audits/Budget and Finance
The Subcommittee was briefed on a proposed amendment to the Regulation of the Commissioner which would establish a Committee on Audits/Budget and Finance. The Subcommittee voted approval to bring to the full Board of Regents for emergency adoption. The Motion to approve was made by Regent Phillips, seconded by Regent Tilles and passed without objection.