Discussed the structural improvements to financial reporting documents.  Discussed information presented to the senior management team for decision making versus information presented to the board for oversight responsibility.  Past financial reporting contained a mix of actuals, forecast and consolidated summaries; presenting actuals moving forward for committee and board discussion and decision making. Discussed budget parameters, including accruing expenses when due (balance sheets) and reconciling tuition reimbursements. Move year-end accruals to point in time accruals.  

Discuss roles and responsibilities for budget parameters and timelines.  Committee members stated importance of academic needs driving and sitting at the center of the budgeting process.  Decision about strategic use of resources.  Committee restated that management should make decisions about key budgeting parameters, timelines and draft budgeting.  Discussed expected timeline for FY2019 budget.