[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6660824,"mediaKeyId","2431472-118a547cf29ba326f498d8b0cb5fcec3","parentId",2431472,"title","Midyear budget shows larger surplus; regents debate reserves and warn of FY26–27 shortfalls if one‑time funds lapse","audioSeconds",931,"startMs",6394000,"endMs",7325000,"viewUrl","/Search/View?dp=1&key=2431472-118a547cf29ba326f498d8b0cb5fcec3&start=6394&end=7325","thumbnailUrl","https://assets.pipeline.soar.com/2431472-118a547cf29ba326f498d8b0cb5fcec3/thumbnail_6394000.jpg","articleUrl","/articles/6660824/Connecticut/Midyear-budget-shows-larger-surplus-regents-debate-reserves-and-warn-of-FY2627-shortfalls-if-onetime-funds-lapse","mediaUrl","https://secure.pipeline.soar.com/6660824-2ee26163b36450fffec43c4fe5cd1403/orig.mp4?Expires=1771141326&Signature=a9DpEnYYDIg99J3-~iYIsnxIYYnv7ZTCJ4U87t5pJWYyxyurl4~idlTeA4m8K5GYTu5M-XqQmdMI~~qjNbu9Kupnsi2eMPMtcwTHB-8yBd~UPNgL10ifJu4bb~7~zbifAVTSg~A7SmBuzY1BEAWY9eD6hdEH4V8v3rIaah35lITCLHN-bCPs-izyQkN1nhL~JnbJCqhdFKEGsphUYKo5uB9TJ~r5gQMBgh3PYJgPaz47XAOMNAsVgVx5iT-W6EJWTLtlSInqYG8lEx1CvX5WM1sBOL1zkGz-DMkM7YezD54LlJNQG7I~mAJlgxi7ps5ntUfxcCQGTDlzqRnCVrRu~Q__&Key-Pair-Id=KUT5TJCACFTXG","author","Connecticut State Colleges and Universities CT","date","2025-02-27T17:05:36.737Z","article","The Board of Regents on Feb. 27 adopted a midyear fiscal report that increased the system's projected fiscal‑year 2025 surplus from an earlier estimate of $3.9 million to $44.3 million, driven by $37 million of higher revenues and $3 million of reduced expenditures, system staff said.

Chief Financial Officer Lloyd Blanchard presented the midyear update and a slide summary of how the governor’s proposed budget would affect FY26 and FY27. Blanchard said one‑time funds received in FY25—largely ARPA and other one‑time allocations totaling about $156.4 million—are not repeated in the governor’s proposal. With the governor’s block‑grant increases factored in but without the one‑time funds, the system projects a $37.4 million deficit in FY26 and a $52.9 million deficit in FY27 unless mitigation or new revenue sources are found.

Regents also debated the size and use of system reserves. Multiple speakers described a systemwide reserves balance in the hundreds of millions. One regent summarized reserves at a “round number” of about $600 million; Chancellor Chang provided a more detailed split: roughly $359 million in designated reserves and about $276 million undesignated across the system and system office. The chancellor gave institution‑level snapshots: Central with roughly $118 million in reserves (about $8.6 million undesignated), Eastern about $51 million (about $2.9 million undesignated), Southern about $73.7 million (about $23 million undesignated), Western about $16 million (about $6.7 million undesignated), CT State about $234 million (about $209 million undesignated), Charter Oak about $11.7 million (about $2.5 million undesignated), and the system office with designated reserves of about $106 million and about $23 million undesignated.

Regents and student representatives urged consideration of directing reserves toward student‑facing needs such as food insecurity, accessibility repairs and IT improvements. Others cautioned that reserves may be needed to plug federal funding gaps if one‑time federal funds lapse or if federal policy changes affect funding flows. The board asked committees to review covenants on designated funds, consider prudent reserve levels, and identify student service gaps; the chair asked for committee updates within 30 days.

CFO Blanchard said staff will produce an updated estimate of the FY25 surplus incorporating final spring census numbers and that the finance office will continue to report progress to the board.","mediaType","Video","parentTitle","BOR - Feb 27, 2025","oneSentenceSummary","CSCU’s midyear update raised the projected FY25 surplus to $44.3 million. Regents debated use of roughly $600 million in system reserves and heard a presentation that the governor’s proposed budget would eliminate ARPA one‑time funds, producing projected deficits of $37.4 million in FY26 and $52.9 million in FY27.","taxTitle","Connecticut State Colleges and Universities, Higher Education, Organizations, Executive, Connecticut","taxId",15722,"location","Connecticut","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6660829,"Audit committee flags material weakness; board approves stricter P‑card controls",272,3970000,4242000,"/Search/View?dp=1&key=2431472-118a547cf29ba326f498d8b0cb5fcec3&start=3970&end=4242","https://assets.pipeline.soar.com/2431472-118a547cf29ba326f498d8b0cb5fcec3/thumbnail_3970000.jpg","/articles/6660829/Connecticut/Audit-committee-flags-material-weakness-board-approves-stricter-Pcard-controls","https://secure.pipeline.soar.com/6660829-1d86e359329d3f7f839184b8e6ef5ead/orig.mp4?Expires=1771141326&Signature=d-Lkghy3JxZfGj8-e7rKBq63gJ1chlgxpp6-qMwDia32R29ULKHlVRxHfHj9mglth8RLhO4d6oTtxfKJ~QMSnqQROz7l~P65-Vo1DlHfxW-8cUn5oJQsnEWYmTQWkn0qeFck8wx8ivTA35XSw4J3KmFzCHHVtJmaW7tYSJUHei5K2DrWvkzuBZXNvSKG4g00qh9fUBVp3iKLP-sdWQoBGdWJV8GtgMbZ5dCehBBTHVznISvf8Q5o96ngrItCML4-9up2~mHegz64ZrDVRvO--0d1FHcvRgIzQG2Xjz-CEZx3Q63ILM~Vo9JaCUfagDrS6KVub0xMWEZ5JFw094Q21w__&Key-Pair-Id=KUT5TJCACFTXG","The audit committee reported to the Board of Regents that three audits by the auditors of public accounts identified issues prompting management and governance attention, and the committee described one material weakness in internal controls.

Audit Committee Chair Elise Wright said auditors raised concerns tied to a lack of technical accounting expertise during the FY24 financial close and the timing of key staff departures, which contributed to errors in fringe benefit accounting and delayed audits. Committee materials reported that the consolidation of 12 community colleges into one organization required system changes—customized reports used in prior processes were lost in a Banner migration—forcing staff to rely on manual workarounds. Grant Thornton issued clean (unmodified) audit opinions for the principal financial statements, but audit work identified control shortcomings and adjustments, including a footnote capitalization of interest and immaterial fringe accrual errors that were not corrected.

In response, the audit committee described steps to strengthen controls, including reducing the number of P‑card users, multi‑tiered review of P‑card transactions, transitioning to a new vendor, eliminating unilateral exceptions, mandatory training for P‑card users, and creating a policy committee to provide oversight. The committee said the effective date for policy changes was set for April 1, 2025, to allow institution-level policy drafting and training.

Regents discussed the P‑card matter at length. Several members advocated for a “massive reduction” in the number of cards, with one regent saying his personal target would be roughly 100 cards systemwide, though staff said immediate reduction to that level would be impractical. The board voted to adopt the new P‑card policy; proponents described it as stricter than current state policy.

The audit committee also recommended standing up an accounting governance function and increasing technical accounting capacity. Regents asked management to present a plan for accounting governance and technical staffing; staff said they would return with proposals in due course.","The CSCU audit committee reported a material weakness tied to limited technical accounting expertise and system migration issues; the board approved a tighter P‑card policy and directed continued oversight.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6660834,"CSCU reports 6.2% spring enrollment gain; highlights auto‑admissions and AI workforce programs",216,2638000,2854000,"/Search/View?dp=1&key=2431472-118a547cf29ba326f498d8b0cb5fcec3&start=2638&end=2854","https://assets.pipeline.soar.com/2431472-118a547cf29ba326f498d8b0cb5fcec3/thumbnail_2638000.jpg","/articles/6660834/Connecticut/CSCU-reports-62-spring-enrollment-gain-highlights-autoadmissions-and-AI-workforce-programs","https://secure.pipeline.soar.com/6660834-1387875d863aea5b056ff7615fbc5eff/orig.mp4?Expires=1771141326&Signature=OQ3njLOv7ARrWSH76RKToJHMRcyWWmhS9aZWlpU3hh3ZUHl9g7lc~4hQLynVVdhLDAI8sMnBt8a3lHFBG3HK-rijkVXU8QCBSqCtdZ-yioxP5SkAUYYzOKGVshAU24aSoUsSnOXm--X6mW-T1KJztkFYESx2RvWVt9zSx8iUQKSJnZM5mowIj4uV2T0gIyzQdg6xSMqlWnZYsR~q4JU09YxSQEbsiMLtRtI6n2j~U57RHcUB-aWe0~UhAkhN9ibvqXxg9luYOqd1Dm8NZp5CIdMIIBlvVHOLFI2Xj3RCfKadCgLQov2CWq00uBjlJwkh7uvAUPlATLasYkknMDXmvg__&Key-Pair-Id=KUT5TJCACFTXG","Chancellor Terrence Chang told the Board of Regents on Feb. 27 that the Connecticut State Colleges and Universities system posted a systemwide spring enrollment increase of 6.2 percent and that the trend is stronger than recent national improvements.

Chang said the Connecticut Auto Admissions Program has seen rapid growth: while about 3,259 students used the program in a prior cycle, system officials reported 14,410 students had utilized the program in the current cycle. The chancellor noted historical data suggest more than 75 percent of students who use the auto‑admissions channel will enroll.

He also highlighted several institution‑led initiatives intended to grow workforce and research capacity. Southern Connecticut State University recently received an R2 research classification, which Chang credited to sustained faculty productivity and doctoral output. Central Connecticut State University launched a “Year of AI” to expand AI‑related academic programs and facilities and to share resources with local communities. Connecticut State (CT State) has partnered with Strategies by Design to offer a presidential fellows program focused on AI leadership, and Charter Oak State College is launching a Connecticut Online AI Academy to provide foundational AI skills to Connecticut residents age 18 and older.

Chang framed these items as part of a broader strategy to strengthen enrollment and career pathways across the state, and he invited questions and future presentations on the initiatives. Regents praised the developments and singled out institutional leaders for their work in recent recruitment and program efforts.

The board requested continued updates from the system office as final census numbers are confirmed; Chancellor Chang and staff said final census numbers for some institutions were still pending at the time of the meeting.","Chancellor Terrence Chang reported a systemwide spring enrollment increase of 6.2% and highlighted the Connecticut Auto Admissions Program's growth and several AI workforce initiatives, including a Connecticut Online AI Academy at Charter Oak and academic AI programs at Central Connecticut State University.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6660839,"Board of Regents adopts collective bargaining agreement, midyear budget update and tighter P-card policy",172,2444000,2616000,"/Search/View?dp=1&key=2431472-118a547cf29ba326f498d8b0cb5fcec3&start=2444&end=2616","https://assets.pipeline.soar.com/2431472-118a547cf29ba326f498d8b0cb5fcec3/thumbnail_2444000.jpg","/articles/6660839/Connecticut/Board-of-Regents-adopts-collective-bargaining-agreement-midyear-budget-update-and-tighter-P-card-policy","https://secure.pipeline.soar.com/6660839-55e2cccb0b47ca7db56382d91f050bcd/orig.mp4?Expires=1771141326&Signature=Vd0OMC1QoC33IKyX7w5IdinT2eC4dj8bonW9it0exch-EVn-IWCZ9jplvstT5rvoX~WckY1gizCTg3UK3kIVdHsDW~TWMkyGTZpVsJsyFogcPuf1SPiIZjrbmF9KlVuKp5tv4Lta3vZ39I~2gtg26A7oTVianfjooajqqJATwXQrUvSgncOCc2776ZcBVr7RvNa9OU2DNx5uuviGr6GhUNyQNMjNmuWT5QlIGvZY4bER2IULO5vk4ZTU-cF9nYwBBf5rbe9F9MjIoUNj-Fd2yEOnlgZJ8Us6409eMZnPri63cXKpfmBB5PH1CmlkwZRU9RYfghoAvPKuiC~q~m11sw__&Key-Pair-Id=KUT5TJCACFTXG","The Board of Regents for the Connecticut State Colleges and Universities on Feb. 27 approved three formal measures: a tentative collective bargaining agreement covering Charter Oak State College and the Congress of Connecticut Community Colleges represented by SEIU Local 1973; the systemwide fiscal year 2025 midyear budget update; and a new purchasing-card (P‑card) policy tightened in response to recent audit findings.

The board voted to approve the collective bargaining agreement after an executive session; the resolution forwards the agreement to the Connecticut General Assembly for its required review under Connecticut General Statutes Section five-two 78 and authorizes CSCU Chancellor Terrence Chang to execute the contract following legislative approval. The motion passed on voice vote with the chair declaring the resolution adopted.

Separately, the board approved the fiscal year 2025 midyear budget update. Systemwide revenues were reported up $37 million and expenditures down $3 million versus the plan adopted in June, producing a revised projected year‑end surplus of $44.3 million, up from an earlier projection of $3.9 million. Regents voted to adopt the update by voice vote.

The board also approved a revised P‑card policy intended to strengthen controls after audits and internal reviews identified weaknesses. The policy, which the board said is stricter than current state policy, includes multi‑tiered review, limits on P‑card users and mandatory training; the board recorded that P‑card counts have been reduced from more than 1,100 to about 900 and that further reductions are desired. Regents moved to approve the policy and the motion carried.

Chair Sherry Guay thanked system and union negotiators, the system finance staff and audit team for their work on the items. Board members and staff noted that some measures—most notably the collective bargaining agreement—require outside approvals (legislative review for the contract) and that the P‑card policy will have a phased implementation date to allow institutions time to adopt procedures and training.

Votes at a glance
- Collective bargaining resolution (Congress of Connecticut Community Colleges and Charter Oak State College, tentative agreement dated 02/27/2025): Motion to approve and forward to the Connecticut General Assembly; outcome: approved (voice vote). Referenced authority: Connecticut General Statutes Section five-two 78.
- Fiscal year 2025 midyear budget update: Motion to approve; outcome: approved (voice vote). Reported system projection: $44.3 million surplus (revenues +$37M, expenditures −$3M).
- Purchasing‑card policy revision: Motion to adopt new P‑card policy; outcome: approved (voice vote). Implementation/effective date referenced for policy changes: 04/01/2025 (to allow institutions to draft policies and provide training).

The board took these votes after committee reports and staff presentations and then proceeded with other agenda items.","The Board of Regents approved a tentative collective bargaining agreement with SEIU Local 1973, adopted a fiscal year 2025 midyear budget update showing an improved surplus, and approved a stricter purchasing-card policy following audit findings.","actionData","errors"]

Article not found

Midyear budget shows larger surplus; regents debate reserves and warn of FY26–27 shortfalls if one‑time funds lapse

Audit committee flags material weakness; board approves stricter P‑card controls

CSCU reports 6.2% spring enrollment gain; highlights auto‑admissions and AI workforce programs

Board of Regents adopts collective bargaining agreement, midyear budget update and tighter P-card policy