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Board formalizes emergency reserve policy, keeps $5 million in two pools
Summary
The board approved a revision to chapter 6.6 to formalize administration of two reserve pools — a $3 million emergency pool and a $2 million hazardous‑materials mitigation pool — to address unanticipated capital and environmental emergencies at colleges.
The board approved a policy update to chapter 6.6 (resolution 26‑06‑27) that formalizes long‑standing procedures for two reserve pools used for capital emergencies and hazardous‑materials mitigation. Gerald (staff) told the board the pools together total $5,000,000 for the biennium: $3,000,000 for the emergency pool and $2,000,000 for hazardous‑materials mitigation.
Gerald said the emergency reserve is intended for unanticipated conditions that threaten campus operations (examples included water‑line breaks, roof or elevator failures and mechanical breakdowns) and that colleges are expected to handle routine repairs locally. The hazardous‑materials pool covers unexpected remediation needs discovered after a project has started — for example, asbestos or mold remediation — and has historically been fully funded.
The proposed policy clarifies eligibility, defines what constitutes an emergency, describes allocation and cost‑sharing expectations (including a local deductible), and codifies roles for colleges, the state board capital budget staff and the Department of Enterprise Services. After a brief discussion, the board moved and approved the resolution by voice vote.
