RELATED TO
MANAGEMENT COUNCIL
SUPPLEMENT NO. 13

 

DIVISION III BUDGET COMMITTEE

 

Summary of Recommendations

 

ACTION ITEM – MANAGEMENT COUNCIL ONLY

 

1.  ISSUE:

2003-04 Year-To-Date Actual Expenses.  [Attachment A]

Committee Recommendation:

 

Review the year-to-date 2003-04 financial results of $14,391,500 in revenue and $2,047,467 in expenses.  Expenses are approximately $135,000 greater than the first quarter of the previous year.  Revenue has increased approximately $965,000 from the previous year.

 

Management Council Action:

 

Reviewed the year-to-date 2003-04 budget.

 

2.  ISSUE:

Six-Year Budget Projections.  [Attachment B]

Committee Recommendation:

 

Review the projected revenues and expenses through 2008.  The revenue and expenses from 2002-03 are based on actual results.  The proposed budgets for 2004-05 and 2005-06 include several championship enhancements that will be reviewed during the formal biennial budget process in the spring.

 

Management Council Action:

 

Reviewed the six-year projection in preparation for the biennial budget process. 

 

 

ITEMS OF INFORMATION

 

1.  ISSUE:

Reserve Policy. 

Committee Action:

 

The committee discussed the current Division III reserve policy.  The goal is to determine a mandated reserve level as opposed to trying to reserve a percentage of revenues.  The committee would like to base that reserve level on risk factors that would necessitate the use of the reserve to cover any major deficits.  Examples of such risk factors are event
cancellation or severe loss of revenue; catastrophic events; unanticipated jump in inflation; lawsuits, or expansion of membership.  Staff will provide a detailed report for the committee's spring meeting.

 

Management Council Action:

 

Accepted the information.

 

2.  ISSUE:

Future Meetings. 

Committee Action:

 

The Budget Committee will conduct an in-person meeting in early spring to finalize the Division III budget for submission to the Management Council. 

 

Management Council Action:

 

Accepted the information.

 

3.  ISSUE:

2004-06 Biennial Budget Timetable.  [Attachment C]

Committee Action:

 

The committee reviewed the 2004-06 biennial budget timetable and process. 

 

Management Council Action:

 

Accepted the information.