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FISCAL ADVISORY
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Emergency Meeting of the
Fiscal Advisory Committee

November 25, 2002
Holloway Hall Room 027

Attending:  Jennifer Berkman, David Buchanan, Jerome DeRidder, Becky Emery, Janet Horne, Kashi Khazeh, Richard Pusey

Richard Pusey presented information to the committee regarding budget cuts for this fiscal year.  He anticipates receiving a letter from the chancellor's office regarding the amount of money that SU will be expected to return to the USM this year, this afternoon.

Richard reported that the President's Council met and discussed five "tools" that could be used to deal with the budget shortfall.  Those include:  1)  vacant positions; 2)  non-personnel expenses;  3)  furloughs;  4)layoffs;  5)tuition increases.  The President's Council agreed not to use layoffs or tuition increases at this juncture.

The committee discussed the anticipated reversions and how our auxiliary reserve will be used to offset this first round of cuts.  Richard would like for the FAC to review a response that he will prepare to the USM.  The committee agreed to reconvene on Monday, December 2nd to review the plan and our previous recommendations to the administration regarding short and long-term cost containment measure in light of the current situation and budget constraints going into next fiscal year.

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