April 10, 2018 SSE Finance Committee Minutes

April 10, 2018 Minutes

SONOMA STATE ENTERPRISES, INC.
FINANCE COMMITTEE
April 10, 2018

MEMBERS PRESENT:

Ms. Madeline Cline, Dr. Kirsten Ely, Mr. Neil Markley, Ms. Megan Varnadore, Ms. Amanda Visser

MEMBERS ABSENT:

None

OTHERS PRESENT:

Ms. Megan Konieczka

I. Call to Order

The meeting was called to order at 10:04 a.m.

II. Approval of the March 13, 2018

The minutes were provided to the committee prior to the meeting via email. Dr. Ely moved to approve the minutes. Ms. Cline seconded the motion. The March 13, 2018 minutes passed with no changes.

III. 2018/2019 Budget

Ms. Lopes has asked the Finance Committee to provide a budget at the May Board of Directors meeting so that it may be approved prior to the 2018/2019 fiscal year. A draft 2018/2019 budget was handed out for the committee to discuss.
As the meal plan did not increase in the current year while minimum wage continues to rise and full-time salaries increase due to negotiated agreements, the meal plan rates are proposed increase 4.5% along with a retail increase of 4%. The meal plan price is calculated based on the enrollment numbers and how many first time freshmen will be on campus and will be adjusted as we know more.
Mr. Markley noted there will be another draft budget presented at the next Finance Committee and it will be updated with updated enrollment and first time freshmen numbers, as well as any additional expenses needed.

IV. Other Non-Action Items

Mr. Markley informed the committee that faculty staff housing needs are currently being discussed at high level. Discussion ensued amongst the committee about how a purchase might affect SSE and budget development.
The meeting was adjourned at 11:25 a.m.

Mr. Neil Markely
Secretary/ Chief Operating Officer

Ms. Megan Konieczka
Recording Secretary