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September 17, 2020 at 1:30 PM - Business and Finance Committee

Agenda
Call to Order
Roll Call/Declaration of a Quorum
Information Items
A. 2020-2021 Budget Update
Background Information:  The COVID-19 pandemic has greatly affected higher education institutions all over the United States, including Austin Peay State University, causing much financial strain for all. The revised legislative budget passed by the Tennessee General Assembly on June 19, while less than originally planned, resulted in no cuts to higher education base funding and no impoundment to the 2019-2020 fiscal year. The decline in enrollment, has resulted in operating revenues less than what is required to meet APSU’s mandatory obligations. In anticipation of this decline, the 2020-2021 Financial Planning Taskforce was formed in early May and provided ideas to APSU Senior Leadership Team for cost containment and efficiencies to bridge the budget gap.    
B. Coronavirus Aid, Relief, and Economic Security (CARES) Act Funding
Background Information:  On March 27, 2020, Congress passed the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act. One component of the CARES Act, the Higher Education Emergency Relief Fund (HEERF), consisted of $14.25 billion allocated to assist students and higher education institutions with the financial burden caused by the COVID-19 pandemic and the conversion to remote delivery of classes.
 
C. Chiller Rebuild Project Disclosure
Background Information:  In accordance with Policy 1:024 Board of Trustees Delegation of Authority, the Board of Trustees is responsible for approving purchasing land, condemning land, erecting buildings and equipping buildings for the University subject to the requirements of the State Building Commission and the terms and conditions of legislative appropriations, costing more than $500,000.
 
Description: 
Item Details:
On July 30, 2020, Chairman O’Malley approved additional costs on behalf of the Board of Trustees for Austin Peay State University’s Chiller Rebuild project. The project was originally approved as an emergency project for $475,000 by the SBC on May 5, 2020. Due to unforeseen conditions, an additional $250,000 was necessary to cover costs to replace damaged internal components. The SBC approved the project at the August 13, 2020, meeting. The source of increased funding is fiscal year 2018-2019 capital maintenance residual funds.
 
Adjourn
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