REPORT OF THE
1. ACTION ITEMS.
a. 2002-03 Budget-to-Actual. [Attachment A]
(1) Recommendation. Review the 2002-03 fiscal year financial results of $13,473,009 in revenue and $12,440,329 in expenses.
(2) Rationale. These figures represent the actual revenue allocated and expenses incurred through the fourth quarter of the 2002-03 fiscal year. Please note that these amounts are not final. Revenues have increased approximately $2.6 million from this time last year. This increase is primarily the result of the new CBS contract. Expenses have increased approximately $1.2 million. The majority of the increase is due to nonchampionships initiatives.
(3) Budget Impact. Not applicable.
b. 2002-2004 Biennial Budget. [Attachment B]
(1) Recommendation. Review the 2003-04 budget that was previously approved during the first year of the biennial budget process.
(2) Rationale. The budget allocations for 2003-04 include $14,455,040 in revenues, $10,902,864 in championships expenses and $4,578,280 in nonchampionships program expenses. In 2002-03, $23,000 was spent on the Future of Division III. This resulted in a decrease in the Future of Division III Contingency in 2003-04 to $177,000. The championship contingency remains at $500,000 because it remained unused in 2002-03.
(3) Budget Impact. Not applicable.
c. 6-Year Budget Projection. [Attachment C]
(1) Recommendation. Review the six-year projected budget information (2002-2008).
(2) Rationale. The figures listed for 2002-03 are based on actual expenses incurred and are included to complete the current two-year budget cycle. The specific budget amounts beyond 2003-04 have not yet been approved. The championships budget amounts currently reflect an inflationary increase only.
(3) Budget Impact: Not applicable.
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2. INFORMATIONAL ITEMS.
Future Meeting. The committee will meet via teleconference following the October Management Council meeting to review the 2004-05 biennial budget process. [Attachment D]
Committee Chair:
Staff Liaison: Beth Altstadt Barnett, Finance