ࡱ> ac` V%bjbj ;Fhh %%%%%9998qDD9@(!!!.*> ???????ApDJ?%JJJ?%%!!?J!J!J!J%!%!?J!J?J!J!9[<!OF9p:??0@:D`xD4[<[<D%o<<JJJ!JJJJJ??rJJJ@JJJJDJJJJJJJJJ : Agenda Board of Regents Finance Committee Tuesday, December 2, 2008; *10:00 a.m. to 12:00 noon Room 109 Butrovich Building University of Alaska Fairbanks Fairbanks, Alaska *Times for meetings are subject to modifications within the December 1-2, 2008 timeframe. Committee Members: Carl Marrs, Committee Chair Erik Drygas Cynthia Henry, Committee Vice Chair Robert Martin Fuller Cowell Mary K. Hughes, Board Chair I. Call to Order II. Adoption of Agenda MOTION "The Finance Committee adopts the agenda as presented. I. Call to Order II. Adoption of Agenda III. Full Board Consent Agenda A. Report on and Acceptance of the University of Alaska FY2008 Audited Financial Statements B. Report on and Acceptance of the FY2008 Education Trust of Alaska Audited Financial Statements C. Approval of Amendment to the FY2009 Natural Resources Fund Budget D. Approval to Transfer Unexpended Bond Proceeds to ֱCritical Electrical Distribution Project Ongoing Issues A. Presentation of the FY2008 Consolidated Fund Financial Statements New Business VI. Future Agenda Items VII. Adjourn This motion is effective December 2, 2008." III. Full Board Consent Agenda A. Report on and Acceptance of the University of Alaska FY2008 Audited Financial Statements Reference 16 The President recommends that: MOTION "The Finance Committee recommends that the Board of Regents accept the FY2008 Audited Financial Statements as presented. This motion effective December 2, 2008." Myron Dosch, controller, and Janice Coker, financial accounting manager, will present an overview of the annual financial statements (Reference 16) for the year ended June 30, 2008. B. Report on and Acceptance of the FY2008 Education Trust of Alaska Audited Financial Statements Reference 15 The President recommends that: MOTION "The Finance Committee recommends that the Board of Regents accept the FY2008 Education Trust of Alaska Audited Financial Statements as presented. This motion effective December 2, 2008." Associate Vice President Jim Lynch, will present an overview of the annual financial statements for the year ended June 30, 2008 for the Education Trust of Alaska. The Trust administers Alaskas three college Savings Plans; the University of Alaska College Savings Plan, the T. Rowe Price College Savings Plan and the John Hancock Freedom 529 Plan. C. Approval of Amendment to the FY2009 Natural Resources Fund Budget The President recommends that: MOTION The Finance Committee recommends that the Board of Regents approve the proposed amendment to the Natural Resources Fund Budget as presented. This motion is effective December 2, 2008. POLICY CITATION Regents Policy 05.07.010 Land-Grant Endowment, provides that the university president will present an annual budget to the board for approval.  RATIONALE/RECOMMENDATION An amendment of $340,000 to the FY09 Natural Resources Fund budget is needed to provide for the Land Management Office costs. Historically, the Natural Resources Fund budget has been approved at either the November or December meeting during the fiscal year the budget was applicable. At the request of the Board, the FY09 budget was approved at its June 19, 2008 meeting. Due to the earlier timing, estimates of FY08 year-end expenditures were necessary to calculate the spending distribution amount needed to meet Land Managements FY09 budget. These estimates were understated by approximately $240,000. Separately, subsequent to approval of the original spending plan, the Statewide Administration changed its cost allocation method, by charging certain legal, accounting and administrative oversight costs directly to the Land Management operation. This change provides for a more accurate distribution of costs and its impact is approximately $100,000. After this amendment, the provision for the UA Scholars Program is sufficient to cover FY09 anticipated costs. D. Approval to Transfer Unexpended Bond Proceeds to ֱCritical Electrical Distribution Project The President recommends that: MOTION "The Finance Committee recommends that the Board of Regents: declare the General Revenue Bond 2003 Series L ֱElectrical Power Grid Interface and Code Upgrades Project complete; directs the chief financial officer or controller to direct The Bank of New York Mellon Trust Company, N.A., bond trustee and depository for the university with regard to the General Revenue Bond Construction Fund, to (a) verify adequacy of the Reserve Fund, and (b) at a time and in a manner deemed appropriate by the chief financial officer or controller, transfer the remaining unexpended bond proceeds of the ֱElectrical Power Grid Interface and Code Upgrades Project to the university free and clear of the lien of the bond indenture and use such proceeds for the ֱCritical Electrical Distribution Project. The proceeds are to remain segregated and are subject to arbitrage rebate calculations until fully expended. This motion is effective December 2, 2008." POLICY CITATION In accordance with Regents Policy 05.04 Debt and Credit specifies the guidelines for debt issuances. Policy 05.04.020 specifies the guidelines for disposition of debt proceeds not expended. RATIONALE AND RECOMMENDATION Based on past university practice, this motion serves to apply certain unexpended bond proceeds from the Series L general revenue bonds to qualified capital project expenditures for the ֱCritical Electrical Distribution Project. One of the projects financed with the 2003 Series L general revenue bonds was the ֱElectrical Power Grid Interface and Code Upgrades Project with a project cost of $1,000,000. The authorized purpose of the project was to upgrade equipment to allow the ֱpower plant to connect with Golden Valley Electric Association (GVEA). The project assured ֱof an interconnection of its entire load to GVEA in the unlikely event of a complete loss of power and a continuous source of supply at various load levels with back-up power. This project is complete and approximately $99,000 of the bond proceeds remain unexpended. Bond counsel has advised in the past that, in accordance with the bond indenture, and upon the boards declaration as to the completion of a general revenue bond project, the bond Trustee is authorized to verify adequacy of the reserves and transfer remaining unexpended bond proceeds to the university free and clear of the lien of the bond indenture. However, such funds are subject to arbitrage rebate calculations until fully expended. IV. Ongoing Issues A. Presentation of the FY2008 Consolidated Fund Financial Statements Reference 17 Tammi Weaver, chief investment officer, will present an overview of the annual financial statements for the year ended June 30, 2008 for the Consolidated Endowment Fund and the University of Alaska Foundation. The Consolidated Endowment Fund is a commingled investment fund established to invest the endowment funds of the University and the University of Alaska Foundation. External auditors from KPMG have met with members of the Foundations Finance and Audit Committee on two occasions, but the Committee has not yet met to formally accept the statements. This is an information item; no action is necessary. V. New Business VI. Future Agenda Items VII. 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