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Board hears five-year financial report and discusses use of reserves for operations
Summary
Associate VP and CFO Villalyn Baluga presented the five-year financial report; trustees engaged in an extended discussion about using reserves for ordinary operating expenses and steps the administration is taking to reduce costs. A correction about an enrollment percentage in accompanying materials was noted.
Associate Vice President and Chief Financial Officer Villalyn Baluga presented the University's Five-Year Financial Report included in the Board Book. She outlined trends in revenue and expenses and engaged with trustees in an extended discussion about the possible use of reserves to fund ordinary operational expenses and what measures were being taken to reduce costs.
Ms. Baluga also provided an update on the most recent financial audit statements. She noted a correction to an executive summary accompanying one resolution, clarifying that Fall 2025 enrollment had declined 0.5% rather than the 1% originally stated in the Executive Summary. Trustees recessed at 11:20 a.m. and resumed at 11:30 a.m. to continue the financial discussion.
