Regents Hear, Approve Special Committee Reports
Links to the Regent committee reports are below under related stories.
The Baylor University Board of Regents on Friday heard reports from special committees appointed last September and approved recommendations for improving relations with alumni and faculty and revising the longterm, 10-year financial model to reflect the impact of recent economic factors.
The Finance and Facilities Committee directed that the university's longterm financial model be revised and presented for review at the May 14 Board of Regents meeting. The revised model is to reflect a reassessment of capital expenditure and related borrowing plans. The board also directed the administration to review all expenditures to identify other areas of potential savings in the context of ensuring the highest level of educational programming. In the May meeting the board will also receive a balanced budget proposal for the 2004-05 fiscal year.
"Prudent financial management mandates that we adjust our plans as appropriate to take into account economic factors affecting not only the business world but all of higher education as well. This is a hallmark of well-managed organizations. I am pleased with how this process is being managed at Baylor University," said Regents Chairman Drayton McLane Jr. "We had good discussions, and the board is looking forward to continued pursuit of the aspirations outlined in Baylor 2012, under the capable leadership of this administration. We are making necessary adjustments to a plan that will keep Baylor moving forward.
"This was one of the most productive board meetings that I have experienced," McLane said. "In fact I was gratified to get a unanimous motion reflecting a desire by the Board of Regents that we encourage the entire Baylor family to put aside our differences of opinion, adopt a spirit of forgiveness and love for each other, join hands and move forward in our pursuit of educating young men and women within a Christian environment."
"I am very grateful for the fine work of the special Regent review committees over the past five months," said President Robert B. Sloan Jr. "I've listened carefully to the recommendations they have produced and look forward to implementing these recommendations in the continuing effort to realize all the promise of Baylor 2012."