Sep 08, 2022 Regular Board Meeting (September 8-9, 2022)

ONE ONE CONSISTENT THEME ACROSS ALL OF THE CAMPUSES HERE IS EVERYBODY DID A PRETTY DARN GOOD JOB OF OF ESTIMATING THEIR TOTAL

[D. 1:00 p.m. THURSDAY, SEPTEMBER 8, 2022 - CALL TO ORDER/PUBLIC MEETING, Chair Smith presiding - Anschutz Health Sciences Building, Elliman Conference Center 12-2010 & 12-2011 (1890 N. Revere Court, Aurora, CO 80045)]

[00:00:10]

SO THERE'S NOT SIGNIFICANT CHANGES IN TERMS OF EXPENDITURES BASED ON THIS PRELIMINARY ENROLLMENT.

WE GO TO THE NEXT SLIDE.

SO, CHAD, WITH THEIR DOWN 400 STUDENTS AND THEY HIT THE BUDGET AND THEY DID A GOOD JOB OF DOING THAT.

IT DOESN'T MAKE A LOT OF SENSE TO ME, BUT BUT THAT'S WHAT YOUR NUMBERS SHOW.

IT FEELS TO ME LIKE IF YOU'RE DOWN 400 STUDENTS, THAT THERE'S GOING TO BE SOME IMPACT.

AND THE FACT THAT THERE'S PEOPLE ARE TAKING MORE CREDIT HOURS OR OUT OF STATE STUDENTS HAVE HELPED OR WHATEVER.

IT'S STILL FEELS ARTIFICIAL TO ME THAT WE LOSE THAT MANY STUDENTS AND WE'RE STILL ON BUDGET AND BASED ON THEIR ESTIMATE.

[2. Land Acknowledgement Statement]

YOU HAVE A BIG FRESHMAN CLASS, SOPHOMORE CLASS, AND IT LOOKS LIKE WE'RE GETTING FEWER KIDS IN THE DOOR IF WE'RE GOING TO COLLEGE OR TRANSFERS OR WHATEVER.

SO OUR GOAL OF RETENTION IS HUGE, HUGE, HUGE FOR EVERY ONE OF OUR CAMPUSES.

THE MORE STUDENTS WE KEEP, THE BETTER OFF WE'RE GOING TO BE ABLE TO OFFER PROGRAMS AND NOT HAVE TO CUT PROGRAMS AND IMPACT THE EDUCATION THAT WE'RE GIVING ON THAT CAMPUS.

SO IT FEELS ARTIFICIAL TO ME, BUT I'M NOT GOING TO QUESTION THE NUMBERS.

AND AND WE'LL LOOK AT NUMBERS AGAIN OCTOBER 15TH AND THEN AGAIN AT THE SEMESTER.

AND I APPRECIATE YOU BRINGING THOSE FORWARD RIGHT NOW.

AND IT GIVES US A GOOD CHANCE TO LOOK AT STUFF, BUT IT FEELS ARTIFICIAL TO ME.

BOTH UCS AND DENVER WERE BUDGETING ENROLLMENT DECREASES HEADED INTO THIS FALL.

AND SO THEY DID TWO THINGS THEY THEY MAINTAINED A COMPENSATION INCREASE FOR EMPLOYEES AND THEY CUT THEIR BUDGETS IN AREAS WHERE THEY WERE DECREASING. SO UCCS IS CUTTING THEIR CURRENT YEAR BUDGET.

IF WE GO INTO THE NEXT SLIDE.

SO AT THE DENVER CAMPUS AND THE NEXT ONE, THEIR OVERALL ENROLLMENT IS PROJECTED TO BE FROM FALL TO FALL, DOWN 2.7% AT CU DENVER. THERE ARE INCREASES IN NEW FRESHMEN AND UNDERGRADUATE TRANSFER STUDENTS.

BUT THERE'S THAT OTHER SIDE OF THE COIN IN TERMS OF LARGER GRADUATING COHORTS THAT ARE ROLLING OFF THE TOTAL ENROLLMENT PICTURE.

THIS PRELIMINARY FALL ENROLLMENT SNAPSHOT INDICATES THAT IT'S PROBABLY THE SECOND LARGEST INCOMING CLASS THAT CU DENVER HAS SEEN.

[3. Action Item: Approval of the September 8-9, 2022, Board of Regents Meeting Agenda]

WHAT WE'VE TALKED ABOUT IN THE CU DENVER SPACE BEFORE IS GRADUATE ENROLLMENT LOOKING LIKE IT WAS IT WAS COMING IN STRONG.

AND IT APPEARS IN THIS FALSE SNAPSHOT THAT IT'S LOSING A LITTLE BIT OF STEAM AND IT'S SOFTENING EARLIER THAN ANTICIPATED AS WE GO TO THE NEXT SLIDE.

[4. Public Comment]

YOU'RE DOWN BY 406 STUDENTS THAT RESIDENT UNDERGRADUATE AND THE BOTTOM SECTION YOU CAN SEE IT'S IT'S UP THREE STUDENTS COMPARED TO LAST YEAR SO THAT'S THAT THERE'S NOT A LOT OF GROWTH IN THAT BOTTOM SECTION BUT THAT FIRST TIME FRESHMAN COHORT IS TIED OR AT THE SECOND LARGEST FRESHMAN COHORT THAT THEY HAD SINCE FALL OF 2019.

JUST. IF WE GO FORWARD TO SLIDES.

NEW TRANSFER UNDERGRADUATE STUDENTS ARE UP A LITTLE BIT COMPARED TO THE PRIOR YEAR, AND THAT'S THAT THIRD ROW DOWN.

C 1169 STUDENTS COMPARED TO THE 1100 IN THE PRIOR YEAR.

CHANCELLOR MARKS, DO YOU WANT TO? YEAH. OUR LAST YEAR, OUR FRESHMAN TO SOPHOMORE YEAR RETENTION RATE WAS AT ITS ALL TIME HIGH OF 70%.

WE'VE SLIPPED A LITTLE THIS YEAR, WHICH IS AT 70% RIGHT NOW.

AND, YOU KNOW, WE'RE ABSOLUTELY WITH OUR STUDENT BODY EXPERIENCING SOME OF THE STRUGGLES THROUGH THE PANDEMIC, WHICH ARE A LITTLE BIT UNPREDICTABLE.

WE'RE DEFINITELY BUOYED BY THE FACT THAT OUR FIRST YEAR CLASS HAS COME IN STRONG.

[00:05:04]

SO WE'RE WE'RE SEEING SOME GOOD SIGNS.

BUT IT DOESN'T NEGATE THE FACT THAT SOME OF THE PANDEMIC CHALLENGES ARE STILL WITH US AND, FRANKLY, ARE GOING TO BE WITH US FOR THE NEXT COUPLE OF YEARS.

CHANCELLOR MARKS, WHAT'S YOUR DO WE KEEP GOOD DATA, REALLY, FOR ALL THE CAMPUSES ON WHAT OUR RETENTION RATE IS FOR TRANSFER STUDENTS? WE DO HAVE THAT DATA, BUT IT WE DO HAVE THAT DATA THAT IS YOUR FINGERTIPS TEAM.

WE DON'T HAVE IT AT OUR FINGERTIPS, BUT WE CAN GET IT TO YOU.

I DON'T NECESSARILY NEED TO SEE IT.

I JUST WANT TO MAKE THE POINT THAT WITH THE DENVER COHORT RIGHT, IT'S VERY EVEN ALMOST NOT QUITE YOU GOT ABOUT MAYBE 40% MORE FRESHMEN THIS YEAR THAN IN PRIOR YEARS.

BUT OUR TRANSFER STUDENTS ACTUALLY DO QUITE WELL AND WE'LL BE ABLE TO PROVIDE THAT DATA FOR YOU.

AND WE ACTUALLY HAVE THAT IN THE CU METRICS AND WE TRACK THAT FOR ALL THE CAMPUSES.

AND YOU WILL SEE WE WILL SEND YOU A LINK.

YES. SO, YOU KNOW, CHANCELLOR MARKS, SO WITH WITH YOUR CAMPUS, WITH ALL CAMPUSES, UNIVERSITIES, ALL OVER THE COUNTRY, THERE'S AN ANTICIPATED DROP IN ENROLLMENTS, RIGHT. I MEAN, IN THE PANDEMIC HAS KIND OF EXPEDITED THAT DROP IN ENROLLMENTS IN HIGHER ED.

SO ONCE WE KIND OF REALLY GET THROUGH THIS PANDEMIC AND WE'RE, YOU KNOW, GOD HELP US, WE'RE AT THE TAIL END OF IT THEN, BUT WE STILL HAVE THIS OTHER ISSUE IN FRONT OF US.

AND THAT'S THE DROP IN THE DEMOGRAPHICS FOR COLLEGE AGE STUDENTS.

[5. Chair of the Board of Regents Report, Chair Smith]

SURE. I THINK IT'S AN EXCELLENT QUESTION.

AND ACTUALLY, THINK CU DENVER IS POSITIONING ITSELF AND THANKS TO THE SUPPORT OF THE BOARD FOR SOME OF THE SHIFTS WE MADE WITH OUR ONLINE AND MULTI-MODAL FOCUS ON EDUCATION.

WE HAVE 70% OF CU DENVER STUDENTS ARE WORKING LEARNERS.

IN OTHER WORDS, THEY'RE GOING TO SCHOOL AND GOING AND WORKING AT THE SAME TIME.

AND MANY STUDENTS NEED MUCH MORE FLEXIBILITY TO TAKE THEIR EDUCATION WHILE THEY WORK.

AND AGAIN, WE HAVE A LOT OF STUDENTS WHO ARE NOT NONTRADITIONAL AGE STUDENTS.

AND FOR THAT POPULATION, EVEN THOUGH WE ARE SEEING SOME DROP OFF IN COLORADO AND AROUND THE NATION ON THE TRADITIONAL AT HIGH SCHOOL GRADUATE COLLEGE, WE HAVE HAVE HAD A TRADITION OF SERVING AND ARE POSITIONING OURSELVES TO TO EVEN MORE STRONGLY SERVE STUDENTS ACROSS THE AGE SPAN.

AND THAT'S A POPULATION THAT COLORADO, COLORADO REALLY NEEDS TO SERVE MORE OF.

SO BETWEEN THE WORK THAT THAT OUR CAMPUS IS TRADITIONALLY DONE TO SERVE THAT THAT NONTRADITIONAL STUDENT BODY.

WELL, THE WORK THAT WE'RE DOING NOW TO CREATE MORE STACKABLE CREDENTIALS INTO DEGREES AND AND SEEING OUR INTERNATIONAL STUDENTS REBOUND AND SOME OF THE WORK THAT WE'RE ALSO DOING TO STRENGTHEN OUR RELATIONSHIPS WITH THE HIGH SCHOOLS, I DO FEEL VERY POSITIVE ABOUT THE FUTURE, BUT THE REALITY OF THE LAST FEW YEARS AND THEN THE RIPPLE EFFECTS WILL CONTINUE TO WORK THROUGH THOSE.

PHIL AND SORRY, PHIL AND VENKAT, COULD YOU ALSO JUST KIND OF RESPOND TO THAT? SO PLEASE KEEP IN MIND THAT IN OUR MASTER PLAN, WHEN WE WERE TALKING ABOUT ENROLLING STUDENTS, OUR GOAL IS TO ACTUALLY ENROLL NO MORE THAN A HALF A PERCENT OF STUDENTS, HALF A PERCENT OF THE POPULATION EACH YEAR.

WE WANT TO KEEP THAT THE NUMBER OF STUDENTS ON THE BOULDER CAMPUS FROM GROWING, YOU KNOW, TO 3% A YEAR.

SO OBVIOUSLY THAT WILL HELP IT.

AS I MENTIONED BEFORE, WE BELIEVE THAT WE CAN GET THAT HALF A PERCENT THROUGH RETENTION.

AND SO WE'LL STILL CONTINUE, OF COURSE, TO RECRUIT COLORADO RESIDENTS, THE TOP STUDENTS IN COLORADO OUT OF HIGH SCHOOL.

AND WE'LL CONTINUE TO DO THAT.

AND I BELIEVE THAT WE CAN KEEP WE'LL BE ABLE TO DO THAT AND WITH RETENTION, STILL MAINTAIN OUR GOAL OF A HALF A PERCENT GROWTH EACH YEAR.

OBVIOUSLY, WE HAVE A HUGE OUT-OF-STATE POPULATION THAT APPLIES TO CU BOULDER, BUT WE WERE CONFINED BY THE 5545 NOT TO HAVE A FIRST YEAR CLASS OF MORE THAN 45% OUT OF STATE.

I'M ALSO GOING TO IF YOU IF YOU LOOK AT OUR INTERNATIONAL NUMBERS, THEY'VE DROPPED AS THEY HAVE THROUGHOUT THE COUNTRY.

AND WE'RE NOW GOING TO THROUGH A STRATEGIC ENROLLMENT MANAGEMENT PROCESS, TO LOOK AT WAYS OF INCREASING THE NUMBER OF INTERNATIONAL STUDENTS COMING.

[00:10:05]

FOR UCCS WE HAVE LOTS OF EXCITING THINGS GOING, WHICH I REALLY SEE THE FUTURE AS VERY BRIGHT FROM EACH KIND OF POPULATION.

I MEAN RETENTION WE HAVE GREAT OPPORTUNITIES.

I THINK THE COVID HAS CERTAINLY HURT US IN CONTINUING THAT PLAN, BUT WE HAVE LOTS OF THINGS IN PLACE TO INCREASE RETENTION.

WE ARE INCREASING OUR NONRESIDENT STUDENTS, INTERNATIONAL STUDENTS.

WE ARE MAKING AGREEMENTS WITH COMMUNITY COLLEGES.

WE ARE CREATING POSITIONS FOR TRANSFER SPECIALISTS THANKS TO THE FUNDING FROM THE PRESIDENT'S OFFICE.

SO YOU'RE GOING TO SEE THAT HAPPEN.

WE I JUST GOT A VERBAL ACCEPTANCE FOR OUR VICE CHANCELLOR ENROLLMENT MANAGEMENT, WHICH IS A NEW POSITION WE CREATED FOR REALLY TO STRATEGICALLY FOCUS ON DIFFERENT STUDENT GROUPS, INCLUDING THE ADULT POPULATION.

SO WE FEEL VERY GOOD ABOUT WHAT'S COMING.

OUR INCENTIVE BASED BUDGET MODEL HAS BEEN IMPLEMENTED THIS YEAR, SO THERE IS A LOT OF EXCITEMENT AMONG COLLEGES.

SO I'M FEELING REALLY GOOD ABOUT WHAT THE FUTURE IS GOING TO BRING FOR UCCS.

AND I ONLY SEE STRENGTH AS I SEE INTO THE FUTURE.

THANK YOU. AND YOU KNOW, I'D LIKE TO THANK YOU GUYS FOR ANSWERING THE QUESTION.

AND I WOULD WOULD ANTICIPATE WITH THE WORK THAT YOU'RE DOING, PRESIDENT SALIMAN, ON OUTREACH ACROSS THE STATE THAT WE'RE DOING AND THAT THAT WILL HELP TO TO BRING STUDENTS INTO THE UNIVERSITY OF COLORADO, BECAUSE THEY'RE GOING TO LEARN MORE ABOUT THE GREAT THINGS THAT WE'RE DOING.

SO I YOU KNOW, I WOULD ANTICIPATE THESE OUTREACH ENGAGEMENT TRIPS ARE ALSO GOING TO HELP WITH THIS ENROLLMENT.

SO. AND IF YOU RECALL, WHEN WE HAD THE PRESENTATION FROM [INAUDIBLE] THE SOUTHWEST WAS GOING TO HAVE THE LEAST AMOUNT OF IMPACT BY LOW GRADUATING HIGH SCHOOL NUMBERS.

AND I'VE READ RECENTLY THAT COLORADO IS A STATE HAS DONE BETTER THAN A LOT OF OTHER STATES AS FAR AS FRESHMAN CLASSES COMING IN.

AND IT'S REALLY EXCITING TO SEE THAT WE ARE BOUNCING BACK FROM THE PANDEMIC WHEN OUR FRESHMAN CLASSES WERE MUCH LOWER.

YES. IT'LL BE INTERESTING TO SEE HOW OTHER COLLEGES AND UNIVERSITIES IN THE STATE FARED, TO SEE IF IF THE ENROLLMENTS ARE DOWN THROUGHOUT. I THINK WE CAN PROBABLY EXPECT THAT.

I ALSO THINK THAT WE'VE BEEN LOOKING AT ENROLLMENT DROPS FOR A PERIOD OF TIME, MAYBE EVEN BEFORE THE PANDEMIC STARTED.

AND, YOU KNOW, THE REALITY OF IT IS THAT I THINK CHANCELLORS, PRESIDENT, EVERYONE'S WORKING HARD ON STRATEGIES AS A RESULT OF THAT.

BUT THE HARSH REALITY IS THAT WE'RE DOWN 1112 HUNDRED STUDENTS IN OUR SYSTEM THIS YEAR.

AND THAT'S THAT'S A LITTLE BIT SCARY FOR ME IN TERMS OF WHAT WE'RE LOOKING AT AT OUR PROGRAMS IN THE UNIVERSITY STRATEGICALLY.

SO I THINK IT'S SOMETHING THAT WE REALLY NEED TO KEEP ON THE FOREFRONT.

WHICH. I JUST WANTED TO SAY REAL QUICKLY THAT REGARDLESS OF MAKING OUR FINANCIAL BUDGET BY CAMPUS, BY THE MIX OF STUDENTS THAT YOU'RE RECEIVING, FOR EXAMPLE, UCS, IT DOESN'T CHANGE THE NEED FOR US TO CHANGE THOSE PATTERNS OF HOW MANY STUDENTS ARE COMING TO THE COLLEGE.

AND I KNOW CHANCELLOR ALREADY YOU'RE STILL FOCUSED ON THAT, AT LEAST IN OUR CONVERSATION.

THAT'S A MAJOR OBJECTIVE.

MAKING THE FINANCIAL BUDGET THROUGH A DIFFERENT MIX OF STUDENTS IS STILL NOT CHANGING THE TRAJECTORY OF THE STUDENTS THAT ARE COMING INTO THOSE CAMPUSES.

AND I THINK THAT'S WHAT REGENT GLENN IS IS SPEAKING TO ALSO.

AND THAT'S WHAT I LOOK AT ALSO TO THAT'S REALLY IMPORTANT TO OUR HEALTH LONG TERM.

[6. University of Colorado President Report, President Todd Saliman]

AND THIS IS, AS REGENT SHARKEY MENTIONED, YOU KNOW, WE HOPE THAT THIS WILL BE ONE OF THE THE OUTCOMES OF OUR OUTREACH WORK.

AS WE'VE TRAVELED AROUND THE STATE, WE'VE HEARD FROM LOTS OF LOTS OF HIGH SCHOOLS AROUND THE STATE THAT THEY WANT TO SEE US MORE, THAT THEY AND THAT WE HAVE OPPORTUNITIES. AND SO WE'RE WORKING TO TRY TO SEIZE THAT OPPORTUNITY, FOR SURE.

BUT WE'RE ALSO HEARING ABOUT THIS QUESTION ABOUT THE VALUE OF HIGHER EDUCATION.

AND THAT'S WHY WE'RE DOING THAT'S ANOTHER REASON WE'RE DOING THE OUTREACH WORK AND WE'RE DOING THIS MARKETING WORK.

AND THAT'S AN ISSUE STATEWIDE AND THROUGHOUT THE COUNTRY.

AND SO WE'VE IDENTIFIED WHAT THESE CHALLENGES ARE.

[00:15:02]

AND NOW WE JUST NEED TO DO THE WORK AND TO GO OUT AND AND DO THE HARD WORK OF TALKING ABOUT VALUE, BEING PRESENT IN THE COMMUNITIES WHERE WE KNOW WE NEED TO BE WORKING HARDER TO RETAIN OUR STUDENTS.

YOU KNOW, THERE ARE 40% OF COLORADANS THAT DON'T PURSUE POSTSECONDARY DEGREE.

THAT'S A LOT OF PEOPLE.

NOT ALL OF THEM WOULD ELIGIBLE TO COME TO CU, BUT A BIG CHUNK OF THEM WOULD.

AND SO WE SHOULD YOU KNOW, WE NEED TO BE FIGURING OUT HOW TO COMMUNICATE WITH THEM, HOW TO ATTRACT THEM, AND HOW TO MAKE THEM FUTURE CU GRADUATES.

SO CU ANSCHUTZ, THEY'RE ESSENTIALLY PREDICTING FLAT ENROLLMENT FROM FALL OF 2021 TO FALL OF 22.

WHEN WE LOOK AT WHERE THAT VARIANCE IS COMING FROM VERSUS WHERE THEY WERE IN JUNE, IT'S ON THE GRADUATE SIDE.

THEIR UNDERGRADUATE COHORT WAS KIND OF LOCKED IN EARLIER IN THE SUMMER.

SO THAT'S A PRETTY SOLID ESTIMATE FROM THE JUNE TIME FRAME LEADING INTO NOW.

SO ALL OF THE VARIANCE THAT WE SAW OR THAT WE SEE IN THEIR PRELIMINARY BUDGET COMPARED FROM THE PRELIMINARY BUDGET TO TODAY'S PRELIMINARY FALL, 2022 SNAPSHOT IS ON THE GRADUATE SIDE.

AND AS YOU RECALL, ANSCHUTZ'S BUDGET IS VERY SILOED AND THEY HAVE THE TERM EACH BUCKET ON ITS OWN.

SO EACH SCHOOL AND COLLEGE REALLY EATS WHAT IT KILLS.

SO THOSE REVENUES THEY WOULD HAVE TO BALANCE RELATIVE TO WHAT THEIR ENROLLMENT PATTERNS LOOK LIKE IN THE REVENUE THAT'S TIED TO THAT.

SO IN THE SCHOOL OF PUBLIC HEALTH, IT'S DOWN 44 STUDENTS RELATIVE TO THE FALL 21 CENSUS.

BUT THERE'S AN INCREASE ON THE DOCTOR OF PUBLIC HEALTH AND CERTIFICATE AND NON-DEGREE PROGRAMS. GO TO THE NEXT SLIDE.

YOU CAN SEE PHARMACY, WHICH CHANCELLOR ELLIMAN SPOKE ABOUT YESTERDAY.

SO A DECLINE AGAIN IN THIS FALL RELATIVE TO LAST FALL, AROUND 43 STUDENTS.

THE MIX IS A LITTLE DIFFERENT THERE.

SO THAT OFFSET SOME OF IT FROM A BUDGETARY PERSPECTIVE.

IT DOES NOT CHANGE.

TO JUST PIGGYBACK ON THE CONVERSATION, THE OVERALL TREND THERE AS WELL AS THE TREND AT SOME OF THE CAMPUSES OF THE DECLINE OVER TIME, MASTERS OF PHARMACY IS DOWN, SO EACH SCHOOL IN COLLEGE TAKES MEASURES TO BALANCE ITS BUDGET AND IT'LL FIGURE OUT WAYS TO REDUCE EXPENSES OR MAKE TRANSFERS.

IMPORTANTLY, THERE'S A IT'S A VERY SMALL PERCENTAGE OF THEIR REVENUE.

AND IF WE MOVE FORWARD ONE MORE SIDE.

SO THIS IS THAT YEAR OVER YEAR CHANGE, FALL 21 TO FALL 22.

ONE MORE SLIDE. AND YOU CAN SEE AGAIN THAT THAT TOTAL REVENUE PICTURE THAT CHANGES ON THE GRADUATE SIDE IN TERMS OF THE MIX OF WHERE THOSE DOLLARS ARE.

AND IT'S LESS THAN 1% OF THEIR TOTAL BUDGET.

AND I'M HAPPY TO TAKE ANY OTHER QUESTIONS, IF THERE ARE ANY.

KNOW. HAVE WE SEEN CHANGES LIKE THIS BEFORE IN DROPPING ENROLLMENT IN SOME PROGRAMS? YES, WE HAVE. PUBLIC HEALTH, ACTUALLY, FOUR YEARS AGO.

IT'S GROWN PRETTY DRAMATICALLY FROM FOUR YEARS AGO.

AND THEN THIS YEAR WE HAD A SLIGHT DROP OFF IN THE M.P.H.

PROGRAM. AND I THINK THAT'S REFLECTIVE OF OF SOME OF THE ISSUES THAT PUBLIC HEALTH PROFESSIONALS HAVE BEEN FACING IN THIS COUNTRY TODAY.

PHARMACY HAS BEEN ON A DECLINE FOR A WHILE.

WE NEVER HAD A FULL TIME RECRUITER IN PHARMACY BECAUSE WE JUST NEVER DID.

AND WE HAVE OUR FIRST FULL TIME RECRUITER STARTED ON JULY ONE.

AND WE'RE GOING TO ACTIVELY WORK TO REVERSE THAT TREND.

I MEAN, YOU'VE GOT TO GET KIDS INTERESTED IN SOMETHING LIKE PHARMACY, FRANKLY, IN HIGH SCHOOL OR CERTAINLY IN THE FIRST YEAR OF COLLEGE. AND WE HAD NOT BEEN WE FRANKLY DIDN'T NEED TO.

AND NOW IT'S CLEAR THAT WE DO.

SO WE'RE DOING SOMETHING ABOUT IT.

WE ALSO ARE PIPELINE PROGRAMS WITH DENVER.

WE NOW HAVE A PIPELINE PROGRAM FOR EVERY EVERY SCHOOL ON THE CAMPUS WITH DENVER, WHICH WE BELIEVE WILL HAVE A MATERIAL IMPACT ON OUR DIVERSITY EFFORTS. IT'S A GREAT, GREAT PARTNERSHIP BETWEEN THE TWO CAMPUSES.

SO NO TRENDS THAT YOU CAN'T OVERCOME OR WHATEVER.

WELL, MEDICINE HAD 11,800 APPLICANTS FOR 184 SPOTS.

THAT RATIO WAS PRETTY CONSISTENT.

DENTISTRY WAS.

THE NUMBERS WERE SMALLER, BUT THE RATIOS WERE ABOUT THE SAME.

THE PA PROGRAM IS ALMOST AS HARD TO GET INTO AS MEDICINE.

SO THE ONLY TWO SCHOOLS THAT WE HAD ANY HAVE ANY SEE ANYTHING THAT WOULD EVEN BE REMOTELY ALARMING

[00:20:02]

WE HAVE FAR MORE QUALIFIED APPLICANTS THAN WE CAN ACCEPT, WHICH IS WHY WE'RE PLANNING.

YOU'LL START TO SEE AN INCREASE IN BOTH THE UNDERGRADUATE AND GRADUATE NUMBERS IN NURSING BEGINNING NEXT JANUARY.

THANK YOU. I HAVE A YES.

YOU KNOW, I THINK, GLENN, YOUR QUESTION ELICITED AN INTERESTING RESPONSE FROM THE CHANCELLOR WITH RESPECT TO HAVING A RECRUITMENT STAFF FOR THE SCHOOL OF PHARMACY.

AND I THINK I JUST WOULD LIKE TO SEE SOME SORT OF METRIC THAT THIS BOARD COULD LOOK AT AS FAR AS THE NUMBER.

AND IT MIGHT BE A LITTLE CHALLENGING TO QUANTIFY OR LOOK AT, BUT THE NUMBER OF ACTUAL RECRUITERS ON EACH OF THOSE CAMPUSES, PEOPLE BOOTS ON THE GROUND ACTUALLY DOING RECRUITMENT WORK.

I THINK THAT WOULD BE REALLY HELPFUL FOR US TO LOOK AT AND SEE BECAUSE IT'S ONLY GOING TO GET HARDER.

SO JUST THROW IT OUT THERE.

I DON'T KNOW IF ANYBODY ELSE WANTS TO SEE IT.

KEN WANTS TO SEE IT. SO THAT'S GOOD.

THAT'S TRUE. EXACTLY.

EXACTLY. I JUST WANT TO SAY, YOU KNOW, I THINK ALL OF US REALLY APPRECIATE MEETING WITH YOU BEFOREHAND BECAUSE, YOU KNOW, JUST GIVEN THE MIX OF DIFFERENT STUDENT TYPES AND THINKING ABOUT CREDIT HOURS, OBVIOUSLY TRYING TO DEVELOP A BUDGET, PREDICTING ALL OF THIS MIX IS NOT A PERFECT SCIENCE.

AND, YOU KNOW, I THINK IT'S WONDERFUL THAT THE CAMPUSES ALL CAME VERY CLOSE TO WHAT THEY BUDGETED IN JUNE.

AND, YOU KNOW, IT'S COMPLICATED.

AND FOR ME, I NEED TO DIGEST THINGS.

AND SO I REALLY APPRECIATE MEETING WITH YOU BEFOREHAND.

SO WHEN YOU GO THROUGH IT DURING OUR BOARD MEETINGS, I CAN EVEN SEE MORE NUANCES.

SO THANK YOU.

TAKEN AWAY. REGENT CHAVEZ.

OH, SORRY.

HELLO. THE NEXT ITEM IS THE CU TEN YEAR ECONOMIC FORECAST.

ALSO BY CHAD. WHERE DID CHAD GO? THERE HE GOES. SO WHENEVER YOU'RE READY.

SO THIS IS THIS IS A PRESENTATION AND SOMETHING THAT WE HAVE SHIFTED ALONG THE WAY THAT WE HAD INTENDED BACK TO THE JULY RETREAT.

AND WE'RE HAVING A SNAPSHOT OF IT NOW.

THIS IS OUR CU TEN YEAR STATE REVENUE AND EXPENDITURE FORECAST.

TODD IS ACTUALLY GOING TO WALK US THROUGH THE FIRST FEW SLIDES AND THEN I'M GOING TO TAKE OVER IT.

BUT BEFORE WE START, I JUST WANT TO RECOGNIZE A COUPLE OF PEOPLE IN THE AUDIENCE.

SO ALEXIS SINGER AND PHYLLIS RESNICK ARE BOTH WITH US SOMEWHERE THERE.

SO THEY'RE TWO AWESOME PEOPLE THAT HELP MAKE THIS POSSIBLE.

AND WE MET WITH PHYLLIS AT THEIR JULY RETREAT.

ALEXIS IS LIKE A PERSON THAT IS HELD IN REALLY HIGH REVERENCE IN TERMS OF STATE BUDGET CIRCLES THAT SERVED AT BOTH THE JBC AND OSP OVER THE YEARS.

AND SO WE'RE REALLY FORTUNATE TO HAVE THAT PART OF OUR FORECASTING TEAM.

AND BEFORE YOU GO ON, I JUST WANT TO ECHO THAT.

ALEXIS IS A ROCK STAR, A LEGEND, REALLY.

AND I'VE HAD THE PRIVILEGE OF KNOWING ALEXIS AND WORKING WITH HER GOD 20 YEARS.

SO MORE LONGER THAN THAT.

OK THANKS, TODD.

WE'RE SO LUCKY TO HAVE HER HELPING US, SO I JUST WANTED TO ADD THAT.

IT'S LIKE IT'S ALMOST 30 YEARS.

SO, YOU KNOW, I CAN'T RESIST SOME THINGS.

AND SO SO I'M ONLY GOING TO DO A COUPLE OF THESE.

BUT VERY QUICKLY, CHAD DID A NICE INTRO AND HE MENTIONED WHO WHO'S ON THIS TEAM.

SO THE FOLKS WHO ARE PART OF THIS FORECASTING TEAM.

CHAD MENTIONED PHYLLIS AND ALEXIS.

HE'S ACTUALLY ON IT, TOO.

AND SO SO CHAD ACTUALLY DOES THE FORECASTING FOR K THROUGH 12 FOR THE STATE, FOR US, THAT TAKES A LONG TERM VIEW ON K THROUGH 12. AND JEN SAINT PETER, WHO WORKS AT C.U.

DENVER AND IS ON THE C.U.

DENVER BUDGET AND FINANCE TEAM, ACTUALLY USED TO DO MEDICAID FORECASTING FOR THE STATE OF COLORADO.

AND SO SHE DOES A MEDICAID FORECAST FOR FOR US AS WELL.

SO YOU SEE JUST SOME OF THE BACKGROUND ON THIS.

WE'RE THE ONLY ONES IN THE STATE WHO DO A TEN YEAR STATE REVENUE AND EXPENDITURE FORECAST.

[00:25:01]

IF YOU GO TO THE NEXT ONE.

SO THIS IS JUST KIND OF SOME BACKGROUND INFORMATION.

SO WE USE THE SO AS TO NOT MAKE THINGS MORE CONFUSING THAN THEY NEED TO BE.

FOR THE FIRST TWO YEARS OF THIS FORECAST, WE ACTUALLY USE THE INFORMATION COMING FROM LEGISLATIVE COUNCIL AND AND WE DO THAT INTENTIONALLY SO THAT SO THAT IT PRODUCES ESSENTIALLY THE SAME ECONOMIC OUTLOOK AND BUDGET OUTLOOK THAT AS THE STATE HAS THAT THEY PRESENT TO THE LEGISLATURE.

BUT WE DO THAT THAT OUTYEAR LOOK THAT AND THAT IS SOMETHING THAT WE ACTUALLY FORECAST OURSELVES.

OKAY. SO JUST SOME KEY TAKEAWAYS.

AND THERE ARE A VARIETY OF IMPORTANT TAKEAWAYS HERE, BUT A FEW THAT ARE REALLY NOTABLE.

ONE IS THAT THAT BUDGET FLEXIBILITY IS LIMITED IN THE NEXT FISCAL YEAR FOR THE STATE, BUT IT'S LIMITED BECAUSE OF GUARDRAILS THAT THEY THEY'VE IMPOSED UPON THEMSELVES SPECIFICALLY AROUND THE STATE RESERVE.

AND SO THEY HAVE THE ABILITY TO CHANGE THAT REQUIREMENT, WHICH WOULD GIVE THEM SIGNIFICANTLY MORE BUDGET FLEXIBILITY GOING INTO THE NEXT FISCAL YEAR.

YOU'LL ALSO SEE THAT THAT OVER TIME IN THIS FORECAST, MEDICAID ACTUALLY BECOMES THE STATE'S LARGEST EXPENDITURE AND IT OVERTAKES K THROUGH 12.

AND THE REASON FOR THAT IS BECAUSE OF THIS KIND OF STEADYING OFF AND SLIGHTLY SLIGHT DIP IN K THROUGH 12 ENROLLMENTS.

K THROUGH 12 IS VERY EXPENSIVE AND IT'S A BIG BUDGET DRIVER FOR THE STATE.

EVEN A SLIGHT MODERATING OF GROWTH, LET ALONE A SLIGHT DECREASE IN GROWTH, REALLY REDUCES THE STATE BUDGET IMPACT, WHEREAS IT TURNS OUT WE'RE ALL GETTING OLDER AND MEDICAID'S GETTING MORE EXPENSIVE.

AND, SO THAT'S BECOMING AN INCREASING COST FOR THE STATE.

THE OTHER THING THAT YOU'LL SEE IS REALLY SIGNIFICANT TAPER REFUNDS OVER THE LIFE OF THE FORECAST.

BUT ALSO WHAT'S WHAT'S NOTABLE IS THAT THE HIGHER INFLATION ENVIRONMENT THAT WE'RE IN NOW IS ACTUALLY GOING TO RESULT IN A HIGHER TAPER REVENUE LIMIT THAT GOES ON FOREVER AND THAT WILL RESULT IN THE STATE RETAINING SIGNIFICANTLY MORE REVENUE OVER TIME THAN THEY WOULD HAVE IF INFLATION HADN'T BEEN HIGHER FOR THIS ONE YEAR.

AND CHAD WILL SHOW THAT AS WELL.

SO WITH THAT, I THINK I'LL KICK IT OVER TO CHAD.

PRESIDENT SALIMAN, CAN I ASK FROM THE FIRST ONE THAT SHOWS THE MODERATE GENERAL FUND GROWTH? CAN YOU TALK ABOUT WHY? CAN YOU SAY ONE MORE TIME? YOUR FIRST BULLET HAD A MODERATE GENERAL FUND INCREASE OVER THE NEXT TEN YEARS.

WHAT ARE YOU USING AS A BASIS FOR THAT? SO CHAD IS ACTUALLY GOING TO TO GET INTO THAT A LITTLE BIT.

BUT IT'S THE THAT THAT THAT BIG INFLATION NUMBER HAS AN IMPACT OF WHEN THE STATE HAS TO MAKE TABOR REFUNDS AND IT RESULTS IN KIND OF SLOWER GROWTH FOR A YEAR.

BUT IT'S ALSO A PRODUCT OF STATE LAW, PRIMARILY THE STATE LAW THAT REQUIRES THE STATE RESERVE TO BE AT A CERTAIN LEVEL.

THEY CAN CHANGE THAT LAW.

AND WHICH WOULD ENABLE THEM TO HAVE MORE BUDGET FLEXIBILITY IN THE NEXT YEAR, BUT IN CHAD WILL SHOW THAT.

MY MY COMMENT WOULD BE IS SOME OF THAT BECAUSE OF LOWER ENROLLMENTS ON OUR CAMPUSES AS WELL FOR A GENERAL FUND DECREASE.

SO IN TERMS OF THE REVENUE PICTURE, ENROLLMENTS AT HIGHER ED OR K THROUGH 12 DON'T HAVE ROLE BECAUSE IT'S JUST IT'S THE REVENUE SIDE OF IT.

IT DOES HAVE AN IMPACT ON THE EXPENDITURE SIDE OF IT THOUGH.

AND THAT'S TAKEN INTO CONSIDERATION WHEN YOU WHEN WE ESTIMATE IF REVENUES ARE ADEQUATE TO COVER EXPENDITURES AND IN EVERY YEAR THEY ARE AND CHAD WILL SHOW THAT AS WELL. SO THIS SLIDE THAT WE'RE LOOKING AT IS COMPARING CU'S FORECASTS IN THE SHORT TERM OVER THE SAME PERIOD AS OSPB.

IN THE SAME PERIOD IS LEGISLATIVE COUNSEL.

TODD HAD MENTIONED, WHEN WE DO OUR LONG TERM TEN YEAR FORECAST, WE'LL START WITH LARGE COUNCILS, BUT WE ALSO AND THEN AND THEN PICK UP PICK OURS UP FOR THE REMAINDER OF THE FORECAST PERIOD.

BUT THIS GIVES YOU A SENSE OF THAT GOLD LINE THAT IT'S RIGHT BETWEEN WHERE COUNCIL AND OSP ARE IN THE CURRENT YEAR AND IT'S A LITTLE BIT MORE OPTIMISTIC IN FISCAL YEAR

[00:30:03]

IN TERMS OF JUST THAT REVENUE STREAM, WE GO TO THE NEXT SLIDE.

SO THIS IS THIS BIG FLEX POINT IN TERMS OF WHERE WE ARE TODAY RELATIVE TO WHAT THIS LOOKED LIKE EARLIER IN THE CALENDAR YEAR.

WE'RE INFLATION IS AROUND 8% IN CALENDAR YEAR 22.

FINAL INFLATION FOR CALENDAR YEAR 22 IS ACTUALLY NOT DETERMINED UNTIL WE TAKE A SNAPSHOT IN FEBRUARY.

SO THIS IS A FORECAST AND IT CAN CHANGE A LITTLE BIT STILL.

BUT OVER TIME, WHAT WE'RE PREDICTING IS THAT INFLATION WOULD SUBSIDE AND GET CLOSER TO THE THE FED TARGET RATE OF AROUND 2%.

AND YOU SEE THAT MODERATING OVER TIME BACK TO THAT 2% LEVEL.

SO HOW DOES THIS IMPACT ALL OF THESE LEVERS IN THE STATE BUDGET IF WE MOVE FORWARD THE NEXT SLIDE? THERE'S A LAG IN TERMS OF THAT INFLATIONARY 8% IN FISCAL 22 AND IT ACTUALLY HITS THE STATES BUDGET IN FISCAL YEAR 24. AND WHEN WE LOOK AT THE TABOR LIMIT, IT'S A COMBINATION OF INFLATION AND POPULATION GROWTH.

SO YOU SEE THAT BLACK BAR AT THE TOP IS ABOUT A 9% INCREASE IN THE TABOR LIMIT.

AND THAT SETS A NEW FLOOR THAT THAT TABOR LIMIT WILL GROW OVER OVER TIME.

IF WE GO TO THE NEXT ONE.

YOU BET. SO THAT'S HOW THE THE TABOR LIMIT CAN GO UP.

HOW CAN IT GO DOWN? IT'S PERMANENTLY STUCK THERE.

SO THAT THE RATCHET DOWN EFFECT WAS SOMETHING THAT WAS IN PLACE IN REFERENDUM C, ACTUALLY ADDRESS THAT.

SO IT SET IT SET A PERIOD OF TIME WHERE THEY TOOK THE HIGHEST OF A NUMBER OF YEARS.

AND THAT WAS A FLOOR THAT WAS BUILT OFF OF FROM INTO THE FUTURE.

SO THERE'S NO MORE RATCHETING DOWN EVER UNLESS NEVER.

NEVER. SO IT'S GROWTH PLUS INFLATION..

EVERY YEAR. AND WHAT IF YOU BASE EVERY YEAR? BUT WHAT IF WE HAVE A RECESSION? THE LIMIT DOESN'T GO DOWN.

REVENUE MIGHT, BUT THE LIMIT DOESN'T.

AND THEN REVENUES HAVE TO CATCH BACK UP TO THE LIMIT OVER TIME.

GREAT. THANK YOU.

SO THIS BAR CHART SHOWS THE THAT REVENUE LIMIT THAT WE'RE TALKING ABOUT, THAT TABLE LIMIT OVER TIME, THAT FISCAL YEAR 2024, THERE'S THERE'S ACTUALLY AN INCREASE FROM THE PRIOR YEAR GOING INTO THAT.

AND IF WE GO TO THE NEXT SLIDE, THIS IS THAT ANNUAL CHANGE.

SO CALENDAR YEAR 2022 IS INFLATION HAD A BIG IMPACT IN TERMS OF THE TABOR LIMIT IN FISCAL YEAR 24, THE YEAR THAT WE'RE HEADED INTO FISCAL YEAR 24.

SO IT INCREASED THE TABOR LIMIT BY AROUND $1.5 BILLION, AND THAT'S A PERMANENT INCREASE.

THESE ARE THE ANNUAL INCREASES IN THAT LIMIT OVER TIME.

GO TO THE NEXT SLIDE.

SO EVEN THOUGH THAT LIMIT IS INCREASING, WE'RE STILL FORECASTING TABOR REFUNDS OVER THE ENTIRETY OF THE FORECAST PERIOD IN FISCAL YEAR 2022, JUST UNDER $3.5 BILLION.

YOU CAN SEE THE REFUND GOING DOWN IN THOSE SUBSEQUENT FEW YEARS, DOWN TO ABOUT 1.6 BILLION, AND THEN IT INCREASES AGAIN OVER TIME.

SO THE TABOR REFUND ALSO IS BECOMING A BIG EXPENDITURE IN THE STATES BUDGET.

IT'S A LOT OF DOLLARS THAT GO BACK OUT IN TERMS OF A REFUND THAT WOULD OTHERWISE BE SPENT FOR A DIFFERENT PURPOSE.

MOVING FORWARD. ONE MORE SLIDE.

THIS IS ANOTHER WAY TO THINK ABOUT WHAT I WAS JUST SAYING.

IF WE'RE CONTEXTUALIZING THE TABOR REFUND IS A PERCENTAGE OF THE STATE'S BUDGET.

IF WE LOOKED BACK IN FEBRUARY OF THIS CALENDAR YEAR, THE BLUE LINE, THE REFUND WAS ONLY ABOUT 11.8%, GIVE OR TAKE IN THAT MIDDLE THAT FIRST QUARTER OF THE OF THE LINE GRAPH.

OUR CURRENT FORECAST BECAUSE OF THAT $3.5 BILLION REFUND.

IT'S ABOUT 20% OF THE STATE'S BUDGET IN THE PRIOR YEAR AND A LITTLE BIT LESS THAN THAT IN THE CURRENT FISCAL YEAR.

YOU CAN SEE THAT THAT THERE'S THIS TEMPORARY INCREASE IN THE REFUNDS AND THEN IT MODERATES OVER TIME.

AND THAT'S BECAUSE THE INVERSE OF THIS IS HAPPENING ON THE LIMIT.

THIS IS JUST WHAT WE HAVE TO PROVIDE AS A REFUND.

THE REASON THAT GOLD BAR IS LOWER ON THE RIGHT HAND SIDE COMPARED TO THE BLUE LINE IS BECAUSE THE LIMIT INCREASED IN THOSE OUT YEARS.

SO IT AFFORDED MORE OPPORTUNITY TO INVEST IN STATE PROGRAMS. SO THAT SLIDE IS A BIG DEAL.

LET ME JUST GO BACK FOR A SECOND.

SO IF YOU LOOK AT THAT, THE LAST DOT ON BOTH OF THEM.

SO THE TABOR REFUND WAS GOING TO BE 27.5% OF THE GENERAL FUND REVENUES.

PRIOR TO THIS BIG INFLATION YEAR WHEN OUT IN FISCAL YEAR 2032, BUT NOW IT'S ONLY GOING TO BE

[00:35:11]

GO FORWARD. SO THIS WAS ANOTHER COMMENT ON ONE OF THE KEY TAKEAWAYS IN THE EARLIER SLIDES AT THE BEGINNING WAS THAT THE CURRENT STATUTORY RESERVE IS AT 15%, WHICH IS OVER $2 BILLION.

YOU CAN SEE THE VALUE OF THE RESERVE OVER TIME AND IT PREVIOUSLY WASN'T SET AT A 15% RESERVE.

AND THE CURRENT YEAR IS THAT ORANGE ARROW AND THAT'S WHERE WE ARE.

SO THERE'S CURRENT YEAR.

CURRENT YEAR ANY OF THE LIMITS IN TERMS OF WHERE WE ARE WITH OUR BUDGET.

PART OF THAT IS IS A FUNCTION OF WHAT THE RESERVE IS SET AT.

SO IF WE GO TO THE NEXT SLIDE, WE'RE PIVOTING A LITTLE BIT.

SO WE'RE GOING TO START TO TALK ABOUT EXPENSES AND THEN WE'RE GOING TO BRING IT ALL TOGETHER AT THE END.

SO WE JUST TALKED ABOUT A LOT OF REVENUE PIECES THERE.

SO WE'RE TALKING ABOUT EXPENSE PIECES HERE.

SO IN TERMS OF THE THE K-12 AGE POPULATION, WHEN WE LOOK AT THE STATE DEMOGRAPHERS ESTIMATES FOR THE POPULATION BETWEEN AGES 5 TO 17, YOU CAN SEE GROWTH IN IT MODERATING OVER TIME.

IF WE GO FORWARD, AN ADDITIONAL SLIDE, THIS IS THE FORECASTED K 12 PUPIL COUNT BASED ON OUR C FORECAST.

SO YOU CAN SEE IT'S PRETTY FLAT.

SO THE EXPENSE ASSOCIATED WITH K 12 IS A FUNCTION OF JUST INFLATION.

IT'S NOT NECESSARILY A FUNCTION OF ADDITIONAL STUDENTS IN SEATS.

AND THEN IF WE JUST LOOK AT THIS THROUGH THE HIGHER ED SIDE, IF WE GO FORWARD ONE SLIDE, THIS IS THAT PROJECTION OF HIGH SCHOOL GRADUATES.

THIS IS ALSO INCLUDED IN CU METRICS.

AND I KNOW THAT [INAUDIBLE] SPOKE TO AT THE BOARD RETREAT, TOO, BUT THERE IS A PEAK IN FISCAL YEAR 25-26 IN TERMS OF COLORADO HIGH SCHOOL GRADUATE POPULATIONS. IT'S NOT A CLIFF.

IT'S IT'S A PLATEAU THAT HAS A LITTLE BIT OF A DECLINE IN THOSE ON THAT RIGHT SIDE.

BUT IT'S NOT NECESSARILY AN ACUTE CLIFF IN TERMS OF THE COLORADO HIGH SCHOOL GRADUATING POPULATION.

IF YOU GO FORWARD ANOTHER SLIDE, WHEN WE LOOK AT FORECASTING OUT ALL OF THESE EXPENSES AND WHAT SHARE THEY ARE OF THE BUDGET, THIS WAS THAT COMMENT ABOUT HOW K-12 AND HIGHER EDUCATION WILL BECOME A DECREASING SHARE OF THE TOTAL TOTAL GENERAL FUND BUDGET OVER TIME.

THERE'S A LITTLE BIT OF INCREASE IN TERMS OF K 12 EXPENDITURES.

AND THAT'S PARTIALLY IF YOU LOOK AT THAT INCREASE FROM WHERE THE ORANGE BAR IS TO FISCAL YEAR 24 ON THAT BLUE LINE.

THAT'S BECAUSE OF INFLATIONARY INCREASES REQUIRED BY K 12 AND HIGHER ED IS ESSENTIALLY FLAT OVER TIME.

SO. I'M NOT FOLLOWING WHY? WHY ARE WE BECOMING A SMALLER SLICE OF THE PIE? SO THERE'S OTHER EXPENDITURES.

OH, MEDICARE.

THAT WAS THE PIECE ABOUT IF YOU GO TO THE NEXT SLIDE, WE KIND OF BUILD ON THIS.

THE BLUE LINE AND THE GOLD LINE ARE THE EXACT SAME FROM THE PRIOR SLIDE.

WE ADDED THE TWO NEXT BIGGEST SHARES OF GENERAL FUND EXPENDITURE HERE.

ONE IS THE RED LINE, WHICH IS THE TABER REFUND.

THE OTHER IS THE BLACK LINE, WHICH IS MEDICAID.

YOU CAN SEE AROUND 20 FISCAL YEAR 26, FISCAL YEAR 27.

THE BLACK LINE IS OVER THE BLUE LINE, MEANING THAT MEDICAID IS THE LARGEST SHARE OF THE STATE'S GENERAL FUND BUDGET AT THAT POINT IN TIME.

SO THAT'S ANTICIPATED TO OCCUR LATER THIS DECADE.

IT'S HARD TO NOT HAVE SOUR GRAPES ABOUT THIS.

ONE THING I WILL SAY, TOO, IS THAT YOU KNOW THESE LINES SHOW THIS PERCENT SHARE OF THE BUDGET.

OUR FORECASTED EXPENDITURES FOR HIGHER EDUCATION HERE ARE WE'RE BUILDING IN AND INCREASES IN HIGHER ED'S BUDGET.

WE'RE BUILDING IN THE FORECASTED EXPENDITURES FROM OUR K 12 MODEL.

WE'RE BUILDING IN THE FORECASTED EXPENDITURES FOR MEDICAID.

SO THESE THINGS ARE GROWING.

THEY'RE JUST BECOMING DIFFERENT SHARES OF THE TOTAL BUDGET.

AND THAT'S WHAT THIS ILLUSTRATES IN IN YOUR HOW ARE YOU PROJECTING THAT MEDICAID.

GROSS AND THAT'S JUST STATE DOLLARS.

THERE'S NO FEDERAL BACKFILL FOR GENERAL FUND.

YEAH, I GOT TO I JUST GOT TO PUT SOMETHING ON THE RECORD AS A MILLENNIAL.

IT'S SOUR GRAPES FOR ME THAT THIS POPULATION GOT TO GO TO SCHOOL WHILE IT WAS CHEAP.

AND NOW, INSTEAD OF FUNDING HIGHER EDUCATION FOR THE NEXT GENERATION, WE'RE GOING TO PAY FOR THEIR HEALTH CARE.

SO YOU CAN TELL I'M NOT RUNNING FOR REELECTION.

REGENT KROLL, JUST SO YOU KNOW, MEDICAID RECIPIENTS AREN'T ALL PEOPLE OVER A CERTAIN AGE CATEGORY.

THERE'S A BROAD POPULATION OF PEOPLE WHO BENEFIT FROM MEDICAID, INCLUDING PEOPLE OF YOUR GENERATION.

[00:40:06]

AND THERE IS A DIFFERENCE.

YEAH. I JUST WANT TO POINT OUT THAT FOR THOSE THAT ARE SPEAKING AT THE TABLE, PLEASE TURN ON YOUR MIC BECAUSE PEOPLE ONLINE ARE SAYING THAT THEY CAN'T HEAR THE QUESTION OR THE COMMENTS.

SO LET'S REMEMBER TO TURN ON OUR MICS WHEN WE SPEAK.

THANK YOU. SO WHEN YOU'RE SO REGENT SHARKEY THAT TOTALLY RIGHT.

SO WE'RE TALKING ABOUT MEDICAID HERE, NOT MEDICARE.

REALLY IMPORTANT TO DIFFERENTIATE.

MEDICAID SERVES THE LITTLEST KID TO PEOPLE WHO ARE OLDER.

BUT THE BIGGER THE THE FASTEST GROWING POPULATION ON MEDICAID IS THE AGING POPULATION OF COLORADO.

BECAUSE COLORADO HAS A POPULATION THAT'S GETTING OLDER AND IT'S THE MOST EXPENSIVE PART OF MEDICAID.

AND SO WHEN WHEN PEOPLE TALK ABOUT REDUCING COSTS RELATIVE TO MEDICAID.

SO WHEN PEOPLE TALK ABOUT REDUCING COSTS RELATIVE TO MEDICAID, THE BIGGEST COST DRIVER IN MEDICAID ARE AGING OLDER PEOPLE WHO ARE POOR.

AND AND SO BUT IT IS REALLY IMPORTANT TO BUT REALLY IMPORTANT TO NOTE THAT THEY'RE NOT ARE LIKELY NOT SENIOR CITIZENS WHO WENT TO COLLEGE.

RIGHT. AND BENEFITED FROM LOWER COLLEGE TUITION RATES.

THESE ARE FOLKS OF A LOWER INCOME LEVEL WHO MAYBE DIDN'T GET TO BENEFIT FROM A COLLEGE EDUCATION.

RIGHT. DO YOU WANT TO RETRACT YOUR STATEMENT REGENT KROLL? I'M BECOMING A LITTLE SENSITIVE TO ALL THIS TALK ABOUT SENIOR CITIZENS.

NO, THEY THEY ALSO GOT TO BUY INTO A HOUSING MARKET THAT WAS A LOT LESS EXPENSIVE TO.

WHO ARE THEY? WHO ARE THEY? AM I ONE OF THE. LET'S KEEP ON TRACK HERE, PLEASE.

SO IF WE GO TO THE NEXT SLIDE, THIS IS THIS JUST SHOWS THAT OVERALL STATE EXPENDITURE FORECASTS, THE GOLD BAR AT THE TOP IS THE HIGHER EDUCATION EXPENDITURE THAT WE'VE BUILT IN OVER TIME OVER THIS FORECAST PERIOD, THE BLUE SEGMENTS, K-12, THE OTHER WE CALL THIS THE BIG SIX, THESE ARE THE BIG SIX EXPENDITURES IN TERMS OF THE STATE BUDGET, MEDICAID, CORRECTIONS, HUMAN SERVICES AND EVERYTHING ELSE IS THAT IS THE GREEN SEGMENT AND THEN THE TABOR REFUND IS THE RED BAR BELOW. SO IF WE GO FORWARD ONE MORE SLIDE AND WE SAY, WELL, HOW DOES IT LOOK? REGENT SPIEGEL HAS A QUESTION.

SORRY. THANK THANKS, JASON.

NO, WORRIES. AND YOU CAN GO BACK OR NOT, BUT I JUST WANT TO MAKE SURE I'M ACCURATELY SO IS IT THIS YEAR THE TABOR OVER AS A PORTION OF THE BUDGET OVERTAKES HIGHER ED AS A JUST I WANT TO JUST MAKE SURE I HAVE A CLEAR STATEMENT ON UNDERSTANDING.

WE WERE TALKING ABOUT MEDICAID AND K 12 AND ALL THAT BUT SO TABOR RELATIVE TO HIGHER ED.

SO YOU CAN SEE HERE IN THE RED BAR THAT THE RED LINE, I SHOULD SAY NOT BAR IS OVER THE GOLD LINE OVER THIS FORECAST PERIOD.

SO THAT OCCURRED IN FISCAL YEAR 22, THE CURRENT YEAR, AND IT'S A LITTLE BIT ABOVE OVER TIME IN TERMS OF THE SHARE OF THE GENERAL FUND, TABOR VERSUS HIGHER EDUCATION. SO HERE'S WHERE WE BRING IT TOGETHER EVEN FURTHER.

WHEN WE SAY IF WE LOOK AT OUR OUR REVENUES THAT WE HAVE CURRENTLY RELATIVE TO THE EXPENSES THAT WE KNOW WE HAVE, INCLUDING THE 15% RESERVE.

ARE WE SHORT OR IS THERE MORE DISCRETIONARY SPENDING? THIS IS AFTER WE'VE BUILT IN SOME INCREASES FOR ALL OF THESE STATE PROGRAMS, MEDICAID, K-12, INCLUDING HIGHER EDUCATION A LITTLE BIT.

THERE'S ABOUT A 5% INCREASE IN HIGHER EDUCATION BUILT INTO THIS FORECAST.

SO YOU CAN SEE IN THE CURRENT YEAR, THEY'RE A LITTLE BIT SHORT BASED ON THE JUNE FORECAST.

THE STATE IS A LITTLE BIT SHORT IN TERMS OF REVENUES.

THEY WOULD PULL FROM THE RESERVE TO COVER THAT EXPENSE AND THAT BECOMES A LIABILITY NEXT YEAR.

BUT GOING INTO NEXT YEAR, THERE'S 90 MILLION.

YOU CAN SEE THAT GROWTH OCCURS OVER TIME.

ALL OF THAT GROWTH IS ASSUMES THAT YOU'RE NOT SPENDING MONEY.

SO IF YOU SPEND A LITTLE BIT OF MONEY IN FISCAL YEAR 24 OR 25, IT WOULD EAT AWAY AT THE CUMULATIVE INCREASE IN THOSE BARS AS YOU GO TO THE RIGHT.

SO PART OF WHAT MAKES OUR FORECASTING MODEL UNIQUE IS WE CAN WE CAN COME UP WITH SCENARIOS IN THIS SPACE AND WE CAN LOOK AT WHAT HAPPENS IF YOU MOVE A LEVER HERE, A LEVER THERE, SO THAT WE CAN HELP HAVE A SENSE OF OUR OPPORTUNITY AS HIGHER EDUCATION WITH THE STATE'S BUDGET.

SO WE GO TO THE NEXT SLIDE.

WE MADE A FEW ASSUMPTIONS HERE IN FISCAL YEAR 22, 23, 24, WE DID THREE THINGS.

[00:45:07]

WE ELIMINATED THE REMAINDER OF THE K-12 BUDGET STABILIZATION FACTOR, WHICH IS ABOUT A $321 MILLION.

COST. SO THAT MEANS THEN IT GOES AWAY COMPLETELY? CORRECT. WE ALSO BUILT IN AN ASSUMPTION BASED ON OUR WHAT WE'RE PREDICTING CURRENTLY FOR OUR BASE CORE MINIMUM COSTS FOR HIGHER EDUCATION, ASSUMING AROUND A 3% TUITION INCREASE.

AND YOU CAN SEE THAT THE GOLD BARS HAVE GONE DOWN VERSUS THE PRIOR SLIDE BECAUSE YOU'RE CONSISTENT, YOU'RE BUILDING THAT EXPENSE INTO THE BASE OVER TIME.

BUT WHAT IT ALSO SHOWS IS THERE'S THERE'S OPPORTUNITIES HERE FOR THE STATE TO MAKE INVESTMENTS BASED ON THIS SNAPSHOT OF OUR FORECAST.

THERE'S A FEW MORE DECISION POINTS AHEAD.

SO THE LEGISLATIVE COUNCIL FORECAST AND OSPB ARE LATER THIS SEPTEMBER, THE GOVERNOR'S NOVEMBER BUDGET REQUEST AND K 12 LOCAL SHARE COMES IN DECEMBER.

SO THIS IS THE INFORMATION THAT WE HAVE TODAY.

AND WHENEVER WE DO THIS, IT'S ACCURATE WHEN WE DO IT AND THE CHESSBOARD SHIFTS AROUND A LITTLE BIT AS WE MOVE THROUGH THE CALENDAR YEAR.

SO THIS IS REALLY IF YOU'RE A BUDGET GEEK, THIS IS SUPER COOL BECAUSE THIS FORECAST THAT WE DO CAN GIVE POLICYMAKERS A VIEW INTO THE FUTURE.

CAN THEY AFFORD TO DO SOMETHING? THERE'S ALWAYS A QUESTION AT THE LEGISLATURE, CAN WE AFFORD TO DO THIS OVER TIME? SO WHAT THIS SHOWS IS THAT ACCORDING TO THIS FORECAST, THAT IF THEY IF THE LEGISLATURE MADE A DECISION TO LOWER THEIR RESERVE TO 10% FOR ONE YEAR, THAT THEY COULD THEN AFFORD TO ELIMINATE THE BUDGET, THE K THROUGH 12 BUDGET STABILIZATION FACTOR ALSO CALLED THE NEGATIVE FACTOR TO ELIMINATE IT AND ALSO COMPLETELY FUND THE NEEDED INCREASE FOR HIGHER EDUCATION THAT WE'RE ESTIMATING FOR FY FOR THE NEXT FISCAL YEAR. AND THEY COULD SUSTAIN THOSE INCREASES OVER TIME AND ALSO HAVE A LITTLE BIT OF MONEY LEFT OVER AT THE END OF THE DAY.

[7. CU Foundation Trustees Update - Regent Spiegel]

SO WHEN WE GO IN AND WE TALK TO THE LEGISLATURE ABOUT WHAT WE WANT, WHAT WE NEED, AND WHEN WE LOBBIED THEM, WE USE THIS TO SHOW THEM THAT THEY CAN SAY YES, THAT THEY CAN AFFORD TO SAY YES.

AND WE'RE AND WE WILL SHARE THIS WITH OUR OTHER HIGHER ED COLLEAGUES AROUND THE STATE AS WELL.

BUT THIS IS INCREDIBLY USEFUL AND VALUABLE BECAUSE THE FUTURE THE FUTURE WILL BE DIFFERENT THAN WHAT WE'RE SHOWING.

BUT YOU CAN ESTIMATE WHAT IT'S GOING TO LOOK LIKE.

AND THAT'S WHAT THIS DOES.

SO THANK YOU TO CHAD AND THE TEAM FOR PUTTING THIS TOGETHER.

MADAM CHAIR, I JUST WANT TO REITERATE WHAT TODD EXPLAINED, BECAUSE IT GIVES US A LEG UP ON EVERYONE, EVERYONE ELSE AT THE CAPITOL BY BEING ABLE TO SHOW A PATH FORWARD.

THAT'S NOT A GUESS, RIGHT? I MEAN, IT'S BASED ON ASSUMPTIONS, OF COURSE, BUT NOT EVEN THE LEGISLATURE SEES TEN YEARS OUT THEY DIDN'T EVEN BOTHER RIGHT.

SO THIS IS EXTREMELY IMPORTANT AND IMPACTFUL FOR US AND HOPEFULLY IN THE FUTURE.

REGENT GALLEGOS. YEAH, JUST A COUPLE OF QUICK ASSUMPTIONS.

THE FACT THAT WE WERE SHOWING TABOR REVENUES GIVING BACK EVERY YEAR REALLY IS MAKING THE ASSUMPTION THAT OVER TEN YEARS WE FEEL LIKE OUR ECONOMY IN THE STATE IS GOING TO BE PRETTY GOOD RIGHT.

SO THAT'S WHAT THAT ASSUMPTION IS BASED ON.

SO THAT'S A GOOD GUESSTIMATE THAT FOR THE NEXT TEN YEARS, OUR ECONOMY IS REALLY GOING TO BE WAY UP THERE, OTHERWISE BE REFUNDS GIVEN BACK. NOW, OUTSIDE OF THIS PARTICULAR BOARD, WHO HIRES THE PRESIDENT, SETS POLICY TUITIONS AS A AS A POLICY BOARD, THAT SORT OF STUFF.

THE NEXT THING THAT WE'RE REALLY TAXED WITH AS A BOARD IS TO THINK STRATEGICALLY FOR THE NEXT TEN YEARS.

AND I THINK IT'S IMPORTANT THAT WE LOOK AT THAT AS A BOARD TO SAY WHAT ASSUMPTIONS WOULD WE MAKE? WHAT KIND OF PLANNING SHOULD WE BE DOING? AND WITH OUR PRESIDENT AND WITH OUR ADMINISTRATION, WHAT WOULD BE FOUR OR FIVE BULLET POINTS THAT YOU WOULD SAY FROM THIS FROM THIS FORECAST, THIS TEN YEAR FORECAST, THAT WE SHOULD BUILD OUR STRATEGIC PLAN ON?

[00:50:03]

AND I DON'T KNOW THAT WE'VE ALWAYS BEEN SO GOOD STRATEGICALLY OVER THE NEXT 5 TO 10 YEARS, BUT MAYBE WE NEED TO START BEING HERE'S A TOOL FOR US.

AND TODD, MAYBE YOU CAN GIVE US FOUR OR FIVE ASSUMPTIONS THAT THAT WE CAN START TO BUILD OUR OUR FUTURE ON HERE AS AS A UNIVERSITY AND WHAT THE NEXT 10 TO 20 YEARS ARE GOING TO LOOK LIKE.

SO I SAY I APPRECIATE THAT QUESTION THERE.

SO IF WE CAN GO BACK A SLIDE.

SO THERE WILL BE A BUMP IN THE ROAD.

RIGHT. AND SO. SO HISTORY HAS SHOWN US THAT THERE ARE BUMPS IN THE ROAD THAT WE DON'T KNOW ABOUT.

SO SO WE'LL SO THERE WILL BE A BUMP IN THE ROAD.

SO. SO WHEN WILL THAT HAPPEN? WE DON'T WE DON'T KNOW.

ARE WE FORECASTING A RECESSION THIS YEAR OR NEXT YEAR IN COLORADO? WE'RE NOT.

BUT IS. BUT.

WE MAY BE WRONG. AND WE AND AND IF YOU LOOK OUT OVER THE NEXT TEN YEARS, MOST LIKELY AT SOME POINT ALONG THE WAY, THERE WILL BE A RECESSION.

SO THERE WILL BE A BUMP IN THE ROAD.

BUT IN TERMS OF I COULD REALLY IDENTIFY TWO STRATEGIC DECISIONS THAT COME OUT OF THIS.

ONE IS THAT WE SHOULD ASK FOR WHAT WE NEED.

SO OUR JOB IS TO IS TO SHARE WITH POLICY MAKERS.

MY JOB HAS, AS THE PRESIDENT OF SIU AND EVERY OTHER CEO FROM THE OTHER INSTITUTIONS, IT'S OUR JOB TO TELL LEGISLATORS WHAT WE NEED IN ORDER TO TO TO DELIVER ON OUR ROLE AND MISSION AND TO KEEP TUITION IN CHECK.

AND SO THAT'S WHAT WE'RE WORKING ON RIGHT NOW.

AND WE'RE GOING TO GO DOWN AND SHARE THAT INFORMATION AT THE CAPITOL, AND WE SHOULD CONTINUE TO DO THAT.

THE OTHER STRATEGIC KIND OF THING OR CONSIDERATION IS IF YOU GO BACK A SLIDE, GO BACK IS GO BACK.

ONE MORE, ONE MORE.

KEEP GOING. ONE MORE.

AND I DON'T MEAN ONE MORE, I GUESS, TWO ANOTHER ONE.

ANOTHER ONE. SORRY.

KEEP GOING. KEEP GOING.

THIS ONE. NO.

I'M SORRY. NOT THAT ONE.

ONE MORE. THAT ONE.

OKAY, LOOK AT THAT SLIDE.

SO THESE ARE PROTECTED TABOR SURPLUSES.

SO. YOU KNOW, HIGHER ED IS NOT THAT MUCH IN THE MIX WHEN IT COMES TO THE CONVERSATION ABOUT WHAT TO DO WITH WITH TABOR SURPLUSES.

AND I THINK THAT WE NEED TO BE IN THE MIX.

THAT'S PART OF WHAT OUR OUTREACH WORK IS ABOUT, IS TO TALK TO THE PEOPLE ABOUT ABOUT HIGHER ABOUT THE VALUE OF HIGHER EDUCATION AND TO HELP THEM SEE THAT WE'RE AN INVESTMENT WORTH MAKING, NOT JUST IN TERMS OF SENDING THEIR STUDENTS TO, BUT ALSO IF THERE'S A THING ON SOMETHING ON THE BALLOT THAT WE'RE A GOOD INVESTMENT WHEN IT COMES TO PUBLIC RESOURCES.

ALSO, TABOR REFUNDS, TABOR SURPLUSES WILL BE SIGNIFICANT OVER TIME.

THIS COULD BE A POTENTIAL FUNDING SOURCE FOR HIGHER EDUCATION IN THE FUTURE.

AND I THINK THAT I WANT TO BE IN THE MIX IF THERE'S A CONVERSATION ABOUT THAT.

AND WE'VE TALKED ABOUT THAT IN THE PAST, AND WE'LL CONTINUE TO TALK ABOUT IT IN THE FUTURE.

BUT TO TO BE A REAL, TO REALLY BE IN THE MIX ON THIS, WE NEED TO THE PUBLIC NEEDS TO BE ON OUR SIDE.

AND THAT'S WHAT OUR OUTREACH WORK IS ALL ABOUT.

SO WHAT YOU'RE SAYING IS THERE COULD BE A BALLOT INITIATIVE TO THE VOTERS TO NOT RETURN THAT MONEY, CORRECT.

OR KEEP THAT MONEY OR SPEND IT ON SOMETHING LIKE HIGHER EDUCATION.

IT COULD BE A BALLOT MEASURE.

THERE COULD BE. THERE ARE LEGISLATIVE IDEAS OUT THERE, TOO, THAT DON'T REQUIRE A VOTE OF THE PEOPLE.

[E. 1:45 p.m. GOVERNANCE LEADERS REPORTS]

OF COURSE, IT'S CONTROVERSIAL.

RIGHT. SO SOME PEOPLE FEEL VERY STRONGLY THAT THIS MONEY SHOULD ALL BE REFUNDED DIRECTLY TO TAXPAYERS.

SOME PEOPLE THINK IT SHOULD BE REFUNDED KIND OF IN A MORE STRATEGIC WAY THROUGH DIFFERENT MECHANISMS THAT THE LEGISLATURE CAN IMPLEMENT.

SOME PEOPLE THINK THAT THE VOTERS SHOULD WEIGH IN.

SO LOTS OF DIFFERENT OPINIONS.

WHATEVER THE OPINION IS, I WANT HIGHER ED IN THE MIX.

AND SO BUT THAT IS ONE OPTION.

WELL, THANK YOU. I AM, I FIND THIS JUST EXCITING.

I YOU KNOW, AND I WOULD BE CURIOUS TO HEAR WHAT THE RESPONSE IS WHEN WE TALK TO OUR LEGISLATORS ABOUT THIS.

THE ONE THING I WANTED TO POINT OUT IS, HAVING BEEN ON THE SCHOOL BOARD DURING THE GREAT RECESSION, WHEN THE NEGATIVE FACTOR HIT 14 YEARS LATER, IF THEY COULD GET RID OF IT,

[00:55:02]

AND SO THAT DRIVES THE FOCUS TO K 12.

SO MAYBE ONCE THAT'S GONE, THEN THE FOCUS CAN GO MORE TOWARDS HIGHER ED.

SO, YOU KNOW, THANK YOU VERY MUCH FOR THAT PRESENTATION.

IS THAT IT, CHET? YOU'RE GOOD.

OKAY, NEXT ITEM IS THE PRESENT QUARTERLY TREASURER'S REPORT BY TONY VU.

GOOD MORNING, EVERYONE.

I'VE TOLD YOU I NEED TO LEAN IN A LITTLE BIT MORE WHEN I SPEAK.

I'LL START OFF BY SAYING, I'M GEN X.

I LOVE YOU ALL.

NO MATTER WHAT GENERATION YOU'RE FROM OR PUT IN THE OTHER WAY, WE JUST DON'T CARE.

AND HOW MUCH WAS YOUR COLLEGE TUITION WHEN YOU WENT? THE STATE OF FLORIDA CHANGED IT AS I WENT THROUGH SCHOOL.

SO IT ACTUALLY STARTED 25/75, I THINK, WHEN I WAS IN SCHOOL WAS 50/50 IN THE STATE OF FLORIDA.

SO IT SHIFTED AS WE WENT THROUGH SCHOOL.

I KNOW EXACTLY WHAT YOU WERE REFERENCING.

SO..

THANK YOU FOR HAVING ME. LIKE I SAID, I LOVE GIVING THIS REPORT.

I LOVE MY JOB. AND IF I COULD JUST JUMP TO THE NEXT SLIDE, THIS IS WHY WE HAVE LOTS OF FUN THINGS TO TALK ABOUT AND THE FIRST THING.

AND MOST IMPORTANT THING WE TALK ABOUT EVERY QUARTER IS OUR LIQUIDITY AND I'VE ADDED THREE LITTLE ARROWS THERE THAT SORT OF SHOW THAT DROP IN LIQUIDITY THAT WE HAVE.

AND THAT'S JUST TO HIGHLIGHT THAT PAYROLL THAT WE MAKE.

WE GET A MONTHLY PAYROLL, WHICH I WHICH I ENJOY TOO, BECAUSE I PAY MY BILLS.

I KNOW WHAT'S LEFT OVER. RIGHT.

AND YOU SEE THOSE DROPS COMPARED TO WHAT WE HAVE OVERALL AND WE HAVE A STRONG POSITION LIQUIDITY WISE TO COVER, IN THIS CASE, PAYROLL. THERE ARE OTHER PIECES OF PAYROLL THAT ENDS UP BEING A LITTLE BIT MORE.

AND THAT DOTTED RED LINE, I THINK I MENTIONED LAST TIME SO THAT THE AVERAGE PAYROLL FOR THE ENTIRE MONTH, WE COMPARE THIS TO SORT OF SEE HOW MUCH LIQUIDITY WE HAVE OVERALL.

AND AS YOU CAN SEE, THAT POSITION HAS IMPROVED OVER TIME AND IT CONTINUES TO IMPROVE.

SO OUR LIQUIDITY POSITION IS STRONG.

NEXT SLIDE, PLEASE.

MARKET CONDITIONS, NOT SO MUCH SO, ESPECIALLY IN THE LAST QUARTER AND THEN FOR THE LAST YEAR.

I'VE SAID THIS LAST TIME OR SET A BIT FOR WE'D LIKE TO SEE A MIX OF RED, GREEN AND BLUE.

I'M SORRY, RED, GREEN AND YELLOW.

THAT'S SORT OF INDICATIVE OF A SORT OF NORMAL MARKET.

ALL REDS FOR A PERIOD IS IS JUST SHOWING THAT THESE CORRELATIONS BETWEEN THE DIFFERENT MARKETS ARE ARE APPROACHING ONE.

RIGHT. THEY'RE ALL CORRELATED, WHICH ISN'T A NORMAL MARKET.

AND SO WE SEE A LOT OF RED, LOTS OF, LIKE I SAID, BOTH IN THE QUARTER AND FOR THE 12 MONTHS.

AND THAT'S NOT A GREAT THING.

NEXT SLIDE PLEASE.

WHICH LEADS TO THE RESULTS IN THIS CASE, 9.96% RETURN LOSS FOR THE YEAR AND LITTLE BIT LOWER THAN THE BENCHMARK, BUT PRETTY CLOSE TO THE BENCHMARK.

NOT GREAT NUMBERS TO REPORT.

IT'S, AS MY COLLEAGUES IN THE INVESTMENT INDUSTRY WOULD SAY, WE PARTICIPATED IN THE DOWN MARKET AND THAT'S EXACTLY WHAT HAPPENED. THANKFULLY, WE'RE NOT OPERATING ON A YEAR TO YEAR BASIS.

WE ALSO HAVE OUR THREE YEAR RETURN NUMBERS UP THERE.

YOU SEE, IT'S STILL REALLY STRONG, 6%, OVER 6% AND OUTPERFORMING THE BENCHMARK, YOU KNOW, 3.8, 9% FOR THE BENCHMARK WHERE, YOU KNOW, TWO, TWO PERCENTAGE POINTS PLUS ABOVE THAT.

WE'RE STILL REALLY HAPPY ABOUT THE STRUCTURE OF THE INVESTMENTS WE HAVE, THE ALLOCATIONS THAT WE'VE HELD OVER THE YEARS.

AND LIKE I SAID, WE'LL CONTINUE TO HAVE THAT BELIEF MOVING FORWARD.

OVERALL, IF YOU SEE THAT MARKET VALUE, $2.9 BILLION UNDER MANAGEMENT IN THE TREASURY POOL, AND THAT'S REALLY THE PRIMARY POOL THAT WE HAVE OVERALL, WE HAVE CLOSE TO $4 BILLION ACTUALLY UNDER MANAGEMENT WITHIN ALL THE DIFFERENT POOLS THAT WE HAVE.

BUT THIS LIKE I SAID, IT'S THE PRIMARY POOL THAT WE WE KEEP OUR EYE ON AND REALLY ARE ACTIVE IN THE MANAGEMENT OF OVERALL.

YOUR CRYSTAL BALL.

WE'RE GOING TO CONTINUE TO HAVE A DOWN MARKET.

AND IF THE ANSWER IS YES, AT WHICH POINT WILL IT START TO AFFECT OUR BOTTOM LINES HERE? SO FAR, WE'RE GOOD.

BUT WITH WHERE WE'RE AT RIGHT NOW, WHAT WOULD BE A TIME WHEN WE MIGHT START TO WORRY A LITTLE?

[01:00:02]

SO THIS IS AS OF 6:30.

RIGHT. AND ACTUALLY, WHAT WE SAW IN JULY AND AUGUST WERE SOME OF THE BEST RETURNS IN THE S&P 500 EVER, PARTIALLY BECAUSE IT WAS A DOWN MARKET TO START. BUT THERE WERE THE RETURNS INTO THOSE TWO MONTHS LITERALLY WERE SOME OF THE HIGHEST IN HISTORY.

WE'VE HAD SOME SORT OF DOWN MARKETS MORE RECENTLY.

SO THE ANSWER, IF YOU WOULD HAVE IF I DIDN'T HAVE TO LOOK AT MY CRYSTAL BALL, IT'S LIKE, NO, WE AREN'T IN A DOWN MARKET FOR JULY AND AUGUST.

WE ARE A LITTLE BIT IN SEPTEMBER.

OVERALL, THOUGH, THE BELIEF ON THE INVESTMENT SORT OF FUNCTION OR THE POOL IS THAT THERE'S A GENERAL UPWARD TREND AND THERE WILL BE UPS AND DOWNS, YOU KNOW, ON A MONTHLY, QUARTERLY, ANNUAL BASIS.

BUT THE LONG TERM TREND AND THE BELIEF THAT WE HAVE IN THE INVESTMENT INDUSTRY IS THAT IT IS POSITIVE, AND THAT'S PROVEN THROUGHOUT LITERALLY HUNDREDS OF YEARS OF INVESTING AND TRACKING THE DIFFERENT MARKETS THAT WE PARTICIPATE IN.

SO THE ANSWER TO BOTH SORT OF BOTH APPROACHES IS NO, I DON'T EXPECT THE MARKET TO CONTINUE TO BE DOWN.

COULD IT BE UP AND DOWN IN THE SHORT TERM? ABSOLUTELY. WILL IT BE UP IN THE LONG TERM OR TO ANSWER YOUR QUESTION SPECIFICALLY, DO I EXPECT THE MARKET TO BE DOWN IN THE LONG TERM? ABSOLUTELY NOT.

DO YOU KNOW WHAT OUR POOL RETURNS ARE OVER A LONGER TIME HORIZON THAN THREE YEARS? SO THE POOL HAS BEEN IN EXISTENCE FOR JUST OVER 23 YEARS AND THE RETURNS OVERALL IS RIGHT AROUND FIVE AND A HALF PERCENT, I THINK 5.32 FOR THOSE SPECIFIC YEARS.

IT'S IT'S AND THAT'S BEEN BEATING THE BENCHMARK ALSO.

SO COMPOUND INTEREST IS THE EIGHTH WONDER OF THE WORLD, RIGHT? IT IS. IF YOU ARE IN 6% ON YOUR MONEY, HOW LONG DOES IT TAKE TO DOUBLE IT? MY FINANCE PROFESSORS WOULD BE DISAPPOINTED IN ME.

I DON'T KNOW.

12, 12 YEARS.

12 YEARS. SO YOU DIVIDE IT BY TWO, RIGHT? ONE BY TWO? YEP, YEP, YEP. I LOOK AT IT A DIFFERENT WAY.

I JUST SEE 6% GRADE ON THE MOUNTAIN PASSES AND I KNOW IF I LET OFF THE BREAKS, I'M GOING TO BE FLYING.

AND REALLY, THAT'S SORT OF THE SAME THOUGHT, RIGHT? IS THAT THAT COMPOUNDING OF INTEREST, WHETHER IS 4%, 5%, 6%? IT IS THAT EIGHTH WONDER.

RIGHT. THAT THAT FINANCE EFFECT.

RIGHT. TONY? YES, SIR. I WAS WONDERING IF YOU MIGHT BE ABLE TO GIVE THEM A LITTLE CONTEXT FROM OUR LAST TREASURY MEETING ON HOW WE COMPARED IN THAT MINUS TEN TO OTHER ECONOMIC INDICATORS? BECAUSE I THINK IT GIVES YOU A LITTLE BIT MAYBE A LITTLE BIT BETTER FEEL ABOUT BEING DOWN MINUS ALMOST TEN.

ABSOLUTELY. IF WE COULD GO BACK A SLIDE, ACTUALLY, THIS ACTUALLY PROVIDES SOME OF THAT CONTEXT FOR THE LAST 12 MONTHS.

AND YOU CAN SEE AND THANK YOU FOR FOR THE QUESTION, THE S&P 500 WAS ACTUALLY DOWN MORE THAN 10%.

INTERNATIONAL EQUITIES, THE MSCI ACWI INDEX DOWN ALMOST 16%.

AND REALLY, THIS IS THE REAL KICKER HERE.

WE SORT OF EXPECT THAT, YOU KNOW, AND WHEN ON THE EQUITY SIDE, THE BOND INDEX WAS ALSO DOWN OVER 10%.

I MEAN, I THINK I'VE SAID THIS TIME AND TIME AGAIN WHEN EQUITIES ARE DOWN, WE EXPECT BONDS TO BE UP, MAYBE NOT AS MUCH OR WHEN BONDS ARE UP, YOU KNOW, OR BONDS ARE DOWN.

EQUITIES THAN ARE UP.

AND SORT OF THIS THIS MIX BETWEEN RED AND GREEN.

AND I SAID MAYBE A LITTLE BIT OF YELLOW IN THERE.

EVERYTHING BEING DOWN IS JUST NOT TYPICAL.

DOES IT HAPPEN? OBVIOUSLY, YES.

HOW OFTEN DOES IT HAPPEN? I BELIEVE I SAID ABOUT 10% OF THE TIME, DEPENDING ON WHAT TIME SCALES YOU'RE LOOKING AT, QUARTER YEARS.

SO IT HAPPENS.

AND THIS IS IN MANY WAYS AS BAD AS IT COULD GET, EVERYTHING GOING DOWN AT THE SAME TIME.

AND SO WE EXPECT THINGS TO LIKE I SAID, EVEN IF THEY JUST RETURN TO NORMAL, WE EXPECT THINGS TO CONTINUE THAT UPWARD TRAJECTORY.

AND THEN ACTUALLY, THIS IS A GREAT ANOTHER GREAT SEGWAY.

YOU MENTIONED THE THE INVESTMENT ADVISORY COMMITTEE.

WELCOME TO THE COMMITTEE.

I'M LOOKING FORWARD TO GETTING YOUR FEEDBACK AND YOUR CORPORATE EXPERIENCE ON THAT SIDE.

AND ALSO JUST A QUICK SHOUT OUT AND THANK YOU TO TO REGAN SPIEGEL WITH HER ECONOMICS BACKGROUND, SHE BROUGHT SOME REALLY CLEAR AND REALLY GREAT QUESTIONS TO THE CONVERSATION, AS WELL AS JUST HELPING US CONNECT WITH THE COMMUNITY, WITH THE PERSONAL ACTUALLY CONNECTIONS THAT SHE HAD OUT THERE.

SO IT'S BEEN WAS A WONDERFUL CONTRIBUTION TO THE ICN.

I WANTED TO THANK YOU FOR THAT.

SO I THINK WITH THAT WE CAN JUMP TWO SLIDES.

[01:05:01]

THIS IS WE'RE IN A GREAT POSITION.

I WANTED TO POINT OUT THAT VARIABLE RATE AND THE COMMERCIAL PAPER IS AT ZERO.

AND THE REASON WHY IS BECAUSE WE TOOK ALL OF THAT VARIABLE RATE OUT AND MADE IT FIXED WHEN THE LATE RATES REALLY WERE AT THE LOWEST POINT POSSIBLE.

AND THAT'S WHY WE'RE AT WHERE WE'RE AT.

THE RATING AGENCIES STILL LOVE US.

WE HAVEN'T HEARD OR SEEN ANYTHING FROM THEM WITH RESPECT TO SORT OF EVEN A NEGATIVE OUTLOOK.

AND I THINK WE CONTINUE TO BE IN A WELL POSITIONED SITUATION WITH OUR FINANCES AND WITH OUR RATING AGENCY. ONE THING I DO WANT TO POINT OUT, I'VE ADDED THIS TO THE REGENTS, THE WRITTEN REPORT.

WE STARTED BREAKING OUT THE DEBT ON A CAMPUS BY CAMPUS LEVEL AND WE'VE INCLUDED THAT AT THE BOTTOM.

AND I WANT TO START DOING THIS MORE.

I WANT TO START BREAKING OUT THE WORK THAT WE DO IN TREASURY ON A CAMPUS BY CAMPUS BASIS, NOT JUST ON THE DEBT SIDE.

WE STARTED ON THE DEBT SIDE IS AS A FIRST STEP, BUT WE'RE GOING TO START PROVIDING MORE OF THAT INFORMATION AND START SHARING THAT WITH BOTH YOU, THE REGENTS AND ALSO THE CAMPUSES, AS I SAID, ON THE WORK THAT WE DO IN TREASURY FOR THE UNIVERSITY.

BUT THAT SAID, I CAN CONCLUDE MY REPORT UNLESS THERE WERE ANY OTHER QUESTIONS THAT YOU MIGHT HAVE.

TONY.. THANK YOU TONY.

WE USED TO SEE INFORMATION ON THE NON POOLED ASSETS ON YOUR REPORT.

DO YOU HAVE ANY INFORMATION ON THAT? WHAT SPECIFIC INFORMATION DID YOU? WELL, ON OUR AUDIT, WE REPORT OUR POOLED ASSETS AND THEN THERE'S A SIGNIFICANT AMOUNT OF MONEY THAT'S IN NON POOLED ASSETS.

AND I KNOW THAT EXISTS SORT OF BEYOND THE PURVIEW OF THIS PORTFOLIO, BUT IT'S STILL ON OUR BOOKS AND I THINK IT'S IMPORTANT FOR US TO HAVE INSIGHTS INTO THAT. I CERTAINLY CAN PROVIDE MORE DETAILS AND WE DO PROVIDE THAT DETAIL ON THE FULL TREASURER'S REPORT THAT'S POSTED ONLINE.

THERE'S ACTUALLY MORE DETAIL IN THE IAC VERSION OF THE REPORT TOO.

YOU'RE RIGHT, IT'S ABOUT $1,000,000,000 AND IT'S IT'S MONIES THAT ARE NOT RELATED DIRECTLY TO THE WHAT I CALL THE OPERATIONS OF THE UNIVERSITY.

THE MONIES INCLUDE BOND ASSETS OR BOND PROCEEDS THAT WE HAVE INVESTED.

THERE ARE GIFT FUNDS THAT ARE SOME LEGACY AND OR OTHER REASONS THAT WE MANAGE BOTH BETWEEN US AND OR THE THE FOUNDATION.

THE FOUNDATION BEING THE PRIMARY RECEIVER OF GIFTS THERE'S FUNDS OVER AT I ALWAYS GET MIXED UP WITH I THINK CU MEDICINE. THERE'S SOME FUNDS THERE SPECIFICALLY THERE WAS A GOOD PORTION OF THE NON POOLED FUNDS THERE.

AND THOSE ARE THE THREE BIG NON POOLED ASSETS THAT WE HELP MANAGE FOR THE UNIVERSITY.

AND I CAN PROVIDE A MORE DETAILED REPORT NEXT TIME IF YOU'D LIKE IN BREAKING THAT OUT.

I DON'T KNOW IF I'LL BE HERE NEXT TIME, BUT I THINK IT IS SOMETHING THAT I ENCOURAGE MY COLLEAGUES TO KEEP TRACK OF AS THEY MOVE FORWARD IN THEIR SERVICE TO THE UNIVERSITY.

I WISH I KIND OF WAS SOMETIMES.

OKAY. THANKS. THAT'S ALL I HAD.

THANK YOU. MADAM CHAIR, THAT CONCLUDES THE PRESENTATION PORTIONS OF THE FINANCE COMMITTEE AND OUR REPORT AND TURN IT BACK OVER TO YOU.

OKAY, GREAT. THANK YOU, TONY.

THANK YOU, TONY. YOU'RE VERY WELCOME.

THANK YOU, EVERYONE. AT THIS TIME, WE HAVE A COUPLE OF ACTION ITEMS. CHAD, CAN YOU COME UP, PLEASE, TO THE PODIUM? M FIVE ACTION ITEM.

THE FIRST ONE IS APPROVAL OF AUSTIN BUFFS, OPEN SPACE PROPERTY CONVEYANCE, UNIVERSITY OF COLORADO, COLORADO SPRINGS AND CHAD WILL ENLIGHTEN US ABOUT THIS.

THANK YOU, MADAM CHAIR. SO THIS WAS AN ITEM THAT WE WENT THROUGH AT THE FINANCE COMMITTEE ON AUGUST 30TH.

WE DID NOT INCLUDE IT ON THE CONSENT AGENDA.

WE PULLED IT FOR FULL OVERVIEW.

IS THERE A CHANCE WE CAN PUT UP THAT PRESENTATION AMBER? IT'S ITEM FIVE.

SO I'LL SPEAK TO THIS FOR A MINUTE WHILE WE'RE PULLING UP THE PRESENTATION, SO MAYBE WE CAN JUST GET TO THE PUNCH LINE OF THIS SLIDE THAT THE CAMPUS HAS AN OPPORTUNITY TO CONVEY SOME PROPERTY THAT IS ON THE NORTH END OF CAMPUS IN THE AUSTIN BLUFFS AREA, NORTH NEVADA AVENUE, AND IT'S ABOUT 4.9 ACRES OF LAND.

AND THEY WOULD BE LOOKING TO REPURPOSE THAT FOR PARKING AND INGRESS AND EGRESS TO SOME TRAIL SYSTEM BACK THERE.

[01:10:07]

WELL, I JUST WILL BE BLUNT HERE I WAS THE REASON WHY IT'S NOT ON THE CONSENT AGENDA, I JUST DON'T THINK WE SHOULD GIVE AWAY SOMETHING FOR NOTHING.

OK, WELL, AT THIS POINT, THEN KEN WHY DON'T YOU SAY SOMETHING, AND THEN I'M GOING TO ASK FOR A MOTION AND WE CAN HAVE ANY MORE DISCUSSION IF WE.

LET ME START OFF SAYING THAT THE UNIVERSITY AND THE CITY HAVE A FANTASTIC RELATIONSHIP WHERE THERE IS A LOT OF GIVE AND TAKE THAT HAPPENS.

FOR EXAMPLE, THE RECENT ONE IS WITHOUT THE CITY'S HELP, WHERE THE [INAUDIBLE] ALMOST $1,000,000 TO BUILD OUT THE CLYDE WAY AND THEY ALSO MAINTAIN THE ROAD WITHIN THE CAMPUS.

AND THIS PARTICULAR AREA IS REALLY NOT GOING TO IMPACT IN ANY WAY WHAT OUR GROWTH PLANS ARE AND OUR MASTER PLAN.

SO THIS IS REALLY SITTING CLOSE TO WHERE THERE'S ALREADY AN ILLEGAL KIND OF PARKING LOT THAT'S BEING USED.

SO THIS THERE IS A IT'S ALMOST LIKE WE ARE CONTRIBUTING A LITTLE BIT OF THE ART RIGHT NOW SO THAT WE DON'T HAVE FUTURE PROBLEMS WITH IT.

OTHERWISE, THERE'S GOING TO BE THIS KIND OF A BIZARRE ANNEXATION THAT'S GOING TO HAPPEN.

SO WE ARE ALSO REALLY PROTECTING OURSELVES IN SOME WAYS BY ALLOWING THE CITY TO BUILD A PARKING LOT WHERE THEY HAVE ACCESS TO THE [INAUDIBLE] AND TO OTHER TRAILS ON THE OTHER SIDE. SO WE SEE THIS AS THIS HAS BEEN GOING ON FOR EVEN PRIOR TO ME, THESE CONVERSATIONS.

SO WE SEE THIS AS A GOOD THING FOR OUR RELATIONSHIP BUILDING BETWEEN THE CITY AND THE UNIVERSITY AND DON'T SEE AS MANY CHALLENGES AS YOU MIGHT BE THINKING. I'M GOING TO ASK THAT WE MAKE A MOTION FIRST AND THEN WE CAN HAVE DISCUSSION.

SO IS THERE A MOTION TO APPROVE THE OPEN SPACE PROPERTY CONVEYANCE? SO MOVED. SECOND.

REGENT SHARKEY.

AND SECOND IS CHAVEZ.

NOW IS THERE ANY DISCUSSION? YES. REGENT SHARKEY.

SO I THINK THIS IS TERRIFIC.

AND THE CURRENT CITY OF COLORADO SPRINGS AND UCS HAVE BEEN GREAT PARTNERS.

I WOULD SAY THE UNIVERSITY HAS BENEFITED.

UCCS HAS BENEFITED A GREAT DEAL FROM THAT PARTNERSHIP WITH CORAL SPRINGS.

THE GOODWILL THAT THIS CREATES, THERE MAY NOT BE A DOLLAR AMOUNT ATTACHED TO THE CONVEYANCE OF THIS PROPERTY, BUT THE GOODWILL AND THE CONTINUED RELATIONSHIP AND POSITIVE RELATIONSHIP THAT UCS HAS HAD WITH COLORADO SPRINGS I THINK SPEAKS MORE THAN DOLLARS CAN AND ACTUALLY MAY EVEN TRANSLATE INTO DOLLARS OVER TIME AND THE BENEFITS THAT WE RECEIVE AS AS THAT RELATIONSHIP WITH THE SPRINGS CONTINUES TO GROW.

SO I THINK THIS IS, IS JUST AN EASY YES VOTE FOR ME.

REGENT KROLL.

CHANCELLOR REDDY, YOU MENTIONED SOMETHING ABOUT IF THIS DIDN'T HAPPEN, THERE WOULD BE SOME KIND OF WEIRD ANNEX SITUATION.

CAN YOU EXPOUND UPON THAT? YEAH. SO PEOPLE WHO COME TO PARK, TO GO TO PULPIT ROCK, FOR EXAMPLE, I'M HOPING EVERYBODY KNOWS WHICH PULPIT ROCK IS CLOSE TO OUR BASEBALL STADIUM.

SO THEY JUST PARK THE CARS ON THE DIRT ROAD.

AND IT'S ONLY A MATTER OF AS IT EXPANDS, IT COULD BECOME A PROBLEM LATER ON.

SO THAT'S ALL I'M SAYING.

SO RIGHT NOW THERE IS A CITY LAND THAT PEOPLE ARE PARKING ON.

THERE IS SOME OF THE UNIVERSITY LAND PEOPLE ARE PARKING ON.

SO IF IT'S BUILT OUT AS A PARKING LOT, I THINK IT'LL BE EASIER ON A SITE BENEFIT.

I WAS TALKING TO OUR INTERIM BCF CARL SAYING MAYBE WE SHOULD JUST PUT UP A BOARD SAYING THIS PARKING LOT LAND HAS BEEN DONATED BY UCCS AND THEN PUT A LEARN ABOUT OUR PROGRAMS AND OPPORTUNITIES HERE WITH A QR CODE ON IT.

SO MAYBE IT COULD BECOME A NICE ADVERTISING AREA FOR UCCS BECAUSE THERE ARE SO MANY HIKERS AND WALKERS WHO COME THERE.

SO I THINK THIS IS AS THIS CONVERSATION WAS HAPPENING, I WAS THINKING ABOUT THERE COULD BE A LOT OF OTHER BENEFITS THAT WE COULD HAVE WITH IT.

ALL RIGHT. I'M GOING TO CALL THE THE QUESTION.

SO THE QUESTION BEFORE US IS APPROVAL OF THE OPEN SPACE PROPERTY CONVEYANCE.

EIFEE, CAN YOU PLEASE CALL THE ROLL?

[01:15:23]

THE MOTION PASSES.

THANK YOU. THE NEXT ITEM ON THE AGENDA IS APPROVAL OF FIRST BUDGET AMENDMENT TO THE PROGRAM PLAN FOR THE ENGINEERING BUILDING. UNIVERSITY OF COLORADO DENVER.

THANK YOU, MADAM CHAIR. SO THIS ITEM WAS CONSIDERED BY THE FINANCE COMMITTEE AND WAS APPROVED OUT OF THE COMMITTEE, JUST NOT PLACED ON THE CONSENT AGENDA.

IT INCLUDES A COST INCREASE RELATED TO INFLATIONARY PRESSURES AT THE CU DENVER ENGINEERING BUILDING, AS WELL AS SOME DIFFERENT RESCOPING IN TERMS OF THE PROJECT.

WE'VE COVERED THIS A LITTLE BIT YESTERDAY AS WELL, AND IT'S AN INCREASE AROUND $7 MILLION TO BRING THE TOTAL PROJECT COST TO $93.5 MILLION.

GREAT. THANK YOU. IS THERE A MOTION TO APPROVE THE BUDGET AMENDMENT? SO MOVED.

SECOND.

AND IS THERE ANY DISCUSSION? AT THIS POINT? NO.

ALL RIGHT. THE QUESTION BEFORE US IS APPROVAL OF THE FIRST BUDGET AMENDMENT TO THE PROGRAM PLAN FOR THE C.U.

DENVER ENGINEERING BUILDING.

EFFIE, CAN YOU PLEASE CALL THE ROLL? THAT'S PAST. THAT HAS PASSED.

THANK YOU, EVERYONE.

THAT'S IT FOR FINANCE.

THE NEXT ORDER OF BUSINESS IS THE GOVERNANCE COMMITTEE REPORT AND WORK PLAN.

COMMITTEE CHAIR GALLEGOS AND VICE PRESIDENT HUETH.

SO I'LL START.

SO THE MAIN WORK OF THE GOVERNANCE COMMITTEE WAS THE GOVERNANCE WORK PLAN.

I THINK GALLEGOS IS GOING TO READ THE REST OF THE REPORT.

BUT WHAT THE GOVERNANCE COMMITTEE HOPES TO WORK ON OVER THE COMING COMMITTEE YEAR IN TERMS OF POLICY REVIEW AND REVISION, IN COORDINATION ALSO WITH THE LAWS AND POLICIES REVIEW COMMITTEE CHAIRED BY WHICH IS MADE UP OF THE ADMINISTRATION, CHAIRED BY LEONARD DENNINGER AND MYSELF.

THE THE REVIEW PLAN THIS YEAR IS WE ARE INTENDING TO LOOK AT REGION POLICY TWO A ON CONFLICT OF INTEREST.

REGION POLICY THREE C ON SEARCH PROCESSES FOR ADMINISTRATORS AND CHIEF EXECUTIVE OFFICERS AS A STANDARD REVIEW FOLLOWING A PRESIDENTIAL SEARCH . REGION POLICY THREE F, EVALUATIONS OF OFFICERS.

REGION POLICY FIVE J INTELLECTUAL PROPERTY ON DISCOVERIES AND PATENTS AND FIVE K INTELLECTUAL PROPERTY THAT'S EDUCATIONAL MATERIAL AND THEN REGION POLICY TEN AND ARTICLE 11 RELATED TO NONDISCRIMINATION POLICIES.

REGENT GALLEGOS. DO YOU WANT TO READ THIS REPORT? MIC ON AND HAVE THE MIC CLOSE TO YOU.

SO THE AUDIENCE..

MAN, I'VE NEVER TALKED INTO ONE OF THESE BEFORE.

MAYBE I SHOULD SING A SONG.

YEAH. REGENT CHAVEZ SAYS, PLEASE DON'T, BUT I NEED SOME FILLER TIME BECAUSE WE'RE GOING TO BE OUT.

IT'S 1023.

WE'RE GOING TO BE OUT BY 1030.

SO THIS IS NOT GOING TO BE A VERY LONG REPORT.

WE HAD A MEETING ON THE 18TH OF AUGUST AND I GUESS PRIOR TO THAT WE HAD BEEN MEETING EFFIE AND VICE PRESIDENT HUETH AND THE VICE CHAIR, REGENT SPIEGEL HAD MET A COUPLE OF TIMES PRIOR TO REALLY MAKE SURE THAT WE KNEW WHAT WE WERE DOING AND TO GET INPUT FROM AROUND THE CAMPUSES AND AND FROM THE OTHER REGENTS WITH REGARD TO, TO A WORK PLAN, WHICH IS GOING TO KIND OF MARK WHAT WE'RE GOING TO DO OVER THE COURSE OF THE YEAR.

WE'VE HAD SOME SUCCESSFUL MEETINGS AND THE PEOPLE THAT ARE ON THIS COMMITTEE ARE REGENT RENNISON, REGENT SHARKEY, OF

[01:20:02]

IT'S BEEN POSTED IN BOARD DOCS.

WE'VE SENT OUT THE PLAN A COUPLE OF TIMES FOR REVIEW AND FOR INPUT AND WE APPRECIATE ALL THE INPUT THAT WE'VE GOTTEN WITH IT.

JEREMY JUST KIND OF TALKED SOME OF THE HIGHLIGHTS OF WHAT WE'RE GOING TO DO OVER THE COURSE OF THE YEAR.

THE ONLY THING I WOULD ADD TO THAT IS DUE TO OUR CHARTER AS A GOVERNANCE COMMITTEE AND THE FACT THAT WE HAVE LEGISLATIVE SESSIONS, THE FACT THAT WE HAVE CAMPUSES, WE HAVE OTHER THINGS THAT MAY BE COMING UP.

SOME OF THIS WORK PLAN MAY CHANGE.

AND I THINK THAT'S OUR ROLE TO BE ABLE TO PIVOT AND TAKE ON NEW TOPICS AS WE NEED TO.

SO FROM THIS WORKPLAN, YOU MAY SEE THAT SOME OF THAT WILL VARY, BUT WE'LL PROBABLY FOLLOW THAT WORKPLAN PRETTY, PRETTY CAREFULLY, PRETTY CLOSELY.

OUR NEXT MEETING IS ON OCTOBER THE 12TH.

WE'RE EXCITED ABOUT WHAT WE MIGHT ACCOMPLISH.

IF YOU LOOK AT THE CHARTER FOR GOVERNANCE, THERE'S A NUMBER OF THINGS THAT WE'RE RESPONSIBLE FOR.

AND ONE OF THE THINGS THAT WE WANT TO DO IS TOUCH BASE WITH THE OTHER COMMITTEES AND THE OTHER CHAIRS, ESPECIALLY UNIVERSITY AFFAIRS AND REGENT RENNISON, WITH REGARD TO MAKING SURE THAT WE'RE KIND OF STAYING IN EACH OTHER'S LANES AND SO THAT WE KNOW WHAT WHAT WE'RE DOING, SOME OF IT TENDS TO OVERLAP.

SO WE'LL DO A LITTLE BIT OF THAT BUT EXCITED ABOUT IT.

AND WE HOPE THAT YOU'LL JOIN US FOR OUR MEETINGS AND AND WE CAN TALK ABOUT POLICY AND WE CAN TALK ABOUT SOME OF THE IMPORTANT THINGS THAT ARE COVERED IN GOVERNANCE. WITH THAT, I TURN IT OVER TO VICE CHAIR SPIEGEL AND YOU MIGHT HAVE A COUPLE OF THINGS TO ADD AS WE CLOSE THIS OUT.

THANK YOU, REGENT GALLEGOS.

AND I JUST REALLY WANT TO THANK THANK YOU FOR YOUR LEADERSHIP ON THE COMMITTEE.

THANK JEREMY AND EFFY FOR BRINGING US TOGETHER AND THANK ALL THE PEOPLE, BOTH SYSTEM ADMIN AND ON THE CAMPUSES FOR PROVIDING PROVIDING THEIR INPUT AND ALSO RECOGNIZE THAT IT'S A PLAN AND SOMETIMES OTHER THINGS COME UP AND WE KIND OF HAVE LEFT ROOM FOR SOME OF THAT FLEXIBILITY AS WELL, BUT REALLY APPRECIATE THE COLLABORATIVE APPROACH AND THE SUPPORT OF EVERYONE AND LOOK FORWARD TO TO REVIEWING THESE POLICIES AND GETTING SOME GOOD WORK DONE THIS YEAR.

SO THANK YOU. THANK YOU.

AND UNLESS THERE'S QUESTIONS.

LIKE I SAID, JUST BEEN POSTED ON BOARD DOCS AND YOU'RE ALWAYS WELCOME FOR INPUT.

IF YOU HAVE QUESTIONS, LET'S GO FOR IT.

AND REGENT SHARKEY, WHO'S CHAIRED THIS COMMITTEE FOR LIKE MOST OF HER CAREER, CAN ANSWER ANY QUESTIONS THAT YOU HAVE, SO GO FOR IT.

REGENT. GALLEGOS.

IF I COULD ADD, I THINK YOU AND REGION SPIEGEL WOULD PROBABLY AGREE THAT IT REALLY LOOKS LIKE THIS IS GOING TO BE BY FAR THE MOST EXCITING COMMITTEE THIS YEAR.

OH YEAH, I THINK.

I THINK SO. I'M RESERVING JUDGMENT.

YOU KNOW, AS LONG UNTIL VICE OR UNTIL REGENT SHARKEY DROPS OFF THE BOARD, IT'S GOING TO BE REALLY EXCITING.

I MIGHT ADD THAT BECAUSE I HAVE SERVED ON THIS COMMITTEE FOR SO MANY YEARS AND I HAVE SERVED ON UNIVERSITY AFFAIRS COMMITTEE, WHICH I LOVE AS WELL, BUT I WOULD SAY GOVERNANCE PROBABLY IS THE MOST SIGNIFICANT COMMITTEE THAT WELL, AUDIT, YOU KNOW, AUDIT ISN'T PRESENTING THIS TIME, SO WE CAN'T FORGET.

BUT CHAIR SMITH, WOULD YOU BRING THIS TO A HALT? YES. AND OF COURSE, THE FINANCES ARE REALLY THE MOST CRITICAL.

BUT THANK YOU FOR ALL FOR ALL YOUR WORK.

THE NEXT ORDER OF BUSINESS IS THE REPORT AND WORK PLAN FROM THE UNIVERSITY AFFAIRS COMMITTEE.

COMMITTEE CHAIR RENNISON AND VICE PRESIDENT LEITNER WILL SPEAK ABOUT.

THIS. GREAT.

THANK YOU. I JUST WANTED TO GIVE YOU THE BAD NEWS, GLENN, THAT WE'RE NOT GETTING OUT OF HERE AT 1030, SO I'LL GO ON NOW.

SO THE REGENTS UNIVERSITY AFFAIRS COMMITTEE MET ON THURSDAY, AUGUST 25TH, IN A VERY EFFICIENT AND IMPORTANT WAY ON MANY GOOD TOPICS AND ALL THE PRESENTATIONS AND THE THINGS I'M TALKING ABOUT CAN BE FOUND ON BOARD DOCS.

THE UNIVERSITY AFFAIRS COMMITTEE CONSISTS OF MYSELF, VICE CHAIR, REGENT, SHARKEY, REGENT, KROLL AND REGENT MONTEIRO AND EXPERTLY SUPPORTED BY VICE PRESIDENT LEITNER AND FEMA. AND I APPRECIATE ALL THE HELP.

WE BEGAN PROMPTLY AT 1 P.M.

AND ALL COMMITTEE MEMBERS WERE PRESENT.

THE COMMITTEE CONSIDERED THE FOLLOWING DISCUSSION INFORMATION AND ACTION ITEMS INFORMATION ITEM.

PROFESSOR STEVEN HARTNETT FROM THE UNIVERSITY OF COLORADO DENVER DEPARTMENT OF COMMUNICATIONS PROVIDED AN UPDATE ON THE SIU COLLEGE IN PRISONS PROGRAM.

PROFESSOR HARTNETT OUTLINED THE BEGINNING OF THE PROGRAM, THE CURRENT STATUS CHALLENGES FACING THE DEPARTMENT OF CORRECTIONS IN ALLOWING IN-PERSON EDUCATION IN SOME FACILITIES, AND THE WORK THAT HE'S CO-LEADING IN DEVELOPING A STATEWIDE RESPONSE TO FEDERAL DEPARTMENT OF EDUCATION CHANGE THAT WILL ALLOW INCARCERATED PERSONS TO ACCESS PELL GRANTS.

[01:25:05]

HARTNETT AND SIU.

DENVER. A DISCUSSION ITEM WE ADDRESSED.

VP LIGHTNER LED A REVIEW AND DISCUSSION OF THE REGENTS AWARD PROCESS AND ASSOCIATED LAWS AND POLICIES.

THE NOMINATIONS ARE EVALUATED BY THE MEMBERS OF THE UNIVERSITY AFFAIRS COMMITTEE AND FOR MEMBERS OF THE FACULTY COUNCIL, EDUCATIONAL POLICY AND UNIVERSITY STANDARDS COMMITTEE WITH RECOMMENDATIONS SENT TO THE FULL BOARD FOR APPROVAL.

THE NEXT EVALUATION WILL BE HELD ON OCTOBER 7TH OF THIS YEAR.

FROM 8 TO 10 A.M., THE COMMITTEE MEMBERS HAD SEVERAL PROCESS QUESTIONS AND SUGGESTIONS FOR IMPROVEMENTS.

BASED ON THIS DISCUSSION, THE COMMITTEE AGREED TO ADD A MORE DETAILED REVIEW OF REGENT ARTICLE TO DH AND POLICY TO DH.

I'M TAKING MY TIME SO TO THE WORKPLAN FOR OCTOBER 25TH COMMITTEE MEETING WITH POSSIBLE OUTCOME OF SUGGESTING CHANGES WHICH WOULD GO THROUGH THE NORMAL GOVERNANCE REVIEW AND APPROVAL PROCESS.

AND THIS WILL BE PART OF THE COLLABORATION WITH THE GOVERNANCE COMMITTEE.

SO GLAD YOU'VE GOT ROOM TO PIVOT FOR US.

DISCUSSION ITEM.

ANOTHER ONE, LED BY VP LEITNER, WAS A REVIEW AND DISCUSSION OF THE DISTINGUISHED PROFESSOR SELECTION, EVALUATION AND APPROVAL PROCESS.

THE REVIEW IS BASED ON REGION POLICY 5C2J IN APS.

1017 THERE WERE SEVERAL QUESTIONS BY THE COMMITTEE MEMBERS FOR CLARIFICATION.

ALSO ANOTHER DISCUSSION ITEMS VP LEITNER LETTER REVIEW AND DISCUSSION ON THE TENURE PROCESS IN SYSTEM.

THIS REVIEW IS BASED ON REGENT ARTICLE FIVE C TO REGIONAL POLICY FIVE D AND APS 1022.

THE REVIEW POINTED OUT THAT THERE WERE A NUMBER OF VARIATIONS IN THE TENURE PROCESS ACROSS CAMPUSES, SCHOOLS, COLLEGES, AND A STANDARD PROCESS INVOLVING A NEW FACULTY HIRE INTO DEPARTMENT WITHIN A COLLEGE ON ONE OF THE GENERAL CAMPUSES WAS USED TO FRAME THE DISCUSSION.

IT JUST GAVE A GENERAL OVERVIEW FOR PEOPLE WHO WHO AREN'T IN THE PROCESS TO KIND OF SEE EXACTLY HOW LONG AND IN DEPTH THIS PROCESS IS.

THERE WERE SEVERAL QUESTIONS FOR CLARIFICATIONS.

[G. 2:35 p.m. CONSENT AGENDA PART II (Capital Construction)]

THE COMMITTEE REVIEWED THE DRAFT WORK PLAN AND BASED ON THE REGENTS AWARD ITEM AND SEVERAL OTHER TOPICS RAISED BY COMMITTEE, A REVISED WORKPLAN WAS FINALIZED.

THE COMMITTEE VOTED UNANIMOUSLY TO RECOMMEND THE WORKPLAN FOR PRESENTATION TO THE BOARD AND IT CAN BE FOUND IN BOARD DUCKS.

WE ADJOURN THAT MEETING AT PRECISELY 3:00 PM.

LET ME KNOW IF YOU HAVE ANY QUESTIONS.

REGENT SHARKEY. THANK YOU.

REGION RENNISON FOR YOUR LEADERSHIP ON THE UNIVERSITY AFFAIRS COMMITTEE.

YOU'LL SERVE OUR COMMITTEE WELL.

I WANT TO GIVE A SHOUT OUT TO PROFESSOR HARTNETT AND THE WORK THAT HE'S DOING WITH THE PRISON PROGRAM AND.

YOU KNOW, THIS THIS IS JUST ANOTHER EXAMPLE OF WHAT THE UNIVERSITY OF COLORADO DOES WHEN IT REACHES OUT TO AN UNDERSERVED POPULATION TO PROVIDE EDUCATIONAL OPPORTUNITIES AND PATHWAYS TO A BETTER FUTURE.

AND, YOU KNOW, OUR INMATE POPULATION IS DEFINITELY A FORGOTTEN POPULATION ONCE THEY'RE INCARCERATED.

BUT THEY THEY STILL HAVE HOPES.

THEY STILL HAVE DREAMS. AND THE UNIVERSITY OF COLORADO, THE PROGRAM THAT PROFESSOR HARTMAN HAS PUT TOGETHER, WILL CHANGE LIVES.

AND WHEN AS THOSE LIVES CHANGE, SO DOES OUR SOCIETY.

AS THEY IMPROVE, SO DO WE.

AND THE RECIDIVISM RATE GOES DOWN GREATLY FOR THOSE INCARCERATED WHO HAVE PARTICIPATED IN HIGHER EDUCATION PROGRAMS. AND IT MAKES ME REALLY PROUD OF THIS UNIVERSITY THAT WE REACH OUT TO A POPULATION THAT IS OFTEN FORGOTTEN.

AND SO I WANT TO THANK ALSO PRESIDENT SOLOMON FOR YOUR SUPPORT OF THIS PROGRAM, BUT PARTICULARLY PROFESSOR HARTNETT AND FOR THE WORK HE'S DOING.

THANK YOU. THANK YOU.

REGENT. SHARKEY. I KNOW THIS HAS BEEN SOMETHING NEAR AND DEAR TO YOUR HEART, AND I REMEMBER SEVERAL YEARS AGO HAVING HIM PRESENT AS WELL AS PEOPLE FROM CALIFORNIA, AND I THINK IT'S REALLY WONDERFUL THAT THE INMATES WILL BE ABLE WILL BE ELIGIBLE.

[H. 2:40 p.m. STRATEGIC PLAN]

SO THANK YOU VERY MUCH FOR YOUR PROMPT AND DETAILED REPORT.

AND I WILL NOTE THAT WE ARE STILL AHEAD OF SCHEDULE BECAUSE WE'RE SUPPOSED TO ADJOURN BY 11.

THE NEXT ITEM ON THE AGENDA IS A RESOLUTION OF APPRECIATION FOR THE KEMP CENTER, WHICH I MENTIONED IN MY REMARKS YESTERDAY, AND I HAVE ASKED REGENT KROLL TO READ THE RESOLUTION.

[01:30:02]

THANK YOU. IF THOSE WHO ARE HERE ON BEHALF OF THE KEMP CENTER WANT TO COME FORWARD AND STAND AT THE MICROPHONE, IT WOULD BE NICE TO KNOW WHO WE'RE RECOGNIZING TODAY.

WHEREAS 60 YEARS AGO, THE BATTERED CHILD SYNDROME WAS PUBLISHED JULY EIGHT, 1962, IN THE JOURNAL OF THE AMERICAN MEDICAL ASSOCIATION AND HERALDED A NEW SCIENCE FOR STUDYING, TREATING AND PREVENTING SEVERE INFLICTED TRAUMA TO CHILDREN, AND WAS SUBSEQUENTLY CHOSEN AS ONE OF THE 51 LANDMARK ARTICLES FROM THE FIRST 100 YEARS OF THE JOURNAL OF THE AMERICAN MEDICAL ASSOCIATION.

WHEREAS, C.

HENRY KEMPE, PROFESSOR OF PEDIATRICS AND VIROLOGY, CHAIRMAN OF THE DEPARTMENT OF PEDIATRICS AT THE UNIVERSITY OF COLORADO SCHOOL OF MEDICINE, WAS NOT ONLY THE LEAD AUTHOR OF THE BATTERED CHILD SYNDROME, BUT A PHYSICIAN WHO CREATED THE RESEARCH, CLINICAL AND TEACHING FOUNDATION FOR TODAY'S INTERNATIONALLY RECOGNIZED DEPARTMENT OF PEDIATRICS AND CREATED THE MULTIDISCIPLINARY CENTER THAT WOULD EVENTUALLY BEAR HIS NAME.

WHEREAS THE KEMP CENTER WAS ESTABLISHED IN 1972 TO PROVIDE RESEARCH, TRAINING, EDUCATION AND INNOVATIVE PROGRAM DEVELOPMENT FOR ALL FORMS OF CHILD ABUSE, NEGLECT AND TRAUMA.

THE CENTER IS COMMITTED TO IMPROVING THE PREVENTION, RECOGNITION AND TREATMENT OF CHILD MALTREATMENT.

RESEARCH HAS SHOWN THAT ABUSED CHILDREN BECOME ABUSIVE PARENTS.

THE CENTER'S MISSION IS TO BREAK THIS CYCLE.

WHEREAS THE KEMP CENTER FOR THE PREVENTION AND TREATMENT OF CHILD ABUSE AND NEGLECT IS NOW CELEBRATING ITS 50TH ANNIVERSARY WHILE OFFERING TREATMENT AND SUPPORT FOR ABUSED AND NEGLECTED CHILDREN WHILE HELPING THEM HEAL, GROW AND LEARN.

SUPPORTING FAMILIES AND GIVING HOPE FOR A BRIGHTER FUTURE.

WHEREAS THE KEMP CENTER PROVIDES OPPORTUNITIES FOR MEDICAL AND NURSING STUDENTS, PEDIATRIC RESIDENTS, FELLOWS, AND OTHER UNIVERSITY OF COLORADO STUDENTS TO CONDUCT RESEARCH AND ACQUIRE THE SKILLS NECESSARY TO DIAGNOSE, TREAT AND PREVENT CHILD ABUSE AND NEGLECT.

WHEREAS, 2022 MARKS 50 YEARS OF THE KEMP CENTER ADVANCING THE SAFETY AND WELL-BEING OF CHILDREN AND FAMILIES THROUGH THE ONGOING PROVISION OF COMPREHENSIVE EXPERT MEDICAL CARE, GROUNDBREAKING RESEARCH, ATTENTION TO INEQUITIES, TIMELY ADVOCACY, EFFECTIVE CLINICAL WORK, THE EDUCATION OF HEALTH CARE PROVIDERS AND SOCIAL WORKERS, COMMUNITY ENGAGEMENT, AND CHILD WELFARE POLICY INITIATIVES.

NOW, THEREFORE, BE IT RESOLVED THAT THE BOARD OF REGENTS OF THE UNIVERSITY OF COLORADO HEREBY HONORS THE HISTORY AND CONTINUING SUCCESS OF THE KEMP CENTER FOR THE PREVENTION AND TREATMENT OF CHILD ABUSE AND NEGLECT ON ITS 50TH ANNIVERSARY AND LOOKS FORWARD TO THE CONTRIBUTIONS THE KEMP CENTER AND ITS FACULTY WILL MAKE IN THE NEXT HALF CENTURY.

WONDERFUL. PLEASE LET US KNOW MORE.

THANK YOU. THANK YOU SO MUCH.

REGENT PRESIDENT SOLOMON CHANCELLORS FOR HAVING US HERE.

THIS IS TRULY AN EXCITING TIME FOR THE CENTER.

ON BEHALF OF OUR OVER 75 FACULTY AND STAFF AND GROWING THE WORK THAT WE ALL ARE DOING AND THAT I AM FORTUNATE ENOUGH AND I FEEL VERY HONORED TO LEAD AND SERVE IS REALLY AT A PIVOTAL TIME.

WE'RE REALLY SHIFTING OUR PERSPECTIVE AS WE LOOK AT TRAUMA AND WE LOOK AT IMPACTS OF ALL DIFFERENT KINDS OF TRAUMA, AND PARTICULARLY THOSE THAT LEAD TO ABUSE AND NEGLECT FROM COMMUNITIES FROM A FAMILY PERSPECTIVE IS REALLY HOW DO WE WORK TOWARDS THAT TIME WHEN ALL CHILDREN AND FAMILIES CAN TRULY FLOURISH? AND THAT IS REALLY WHAT OUR GOAL IS INTO THE NEXT HALF CENTURY.

AND WE'RE SO APPRECIATIVE TO BE A PART OF A UNIVERSITY THAT HAS BEEN THE PLACE WHERE THIS LEGACY BEGAN.

AND WE'LL CONTINUE TO BE THE PLACE WHERE WE WILL HOLD UP SOME OF THE BEST AND BRIGHTEST TO ENSURE THAT OUR KIDS AND FAMILIES HAVE A BRIGHT FUTURE.

SO THANK YOU SO MUCH FOR HAVING US HERE AND FOR THIS HONOR ON BEHALF OF OUR FACULTY AND STAFF.

AT THIS POINT, I'D LIKE TO ENTERTAIN A MOTION TO APPROVE THE RESOLUTION.

SO MOVED SECOND.

IS THERE ANY DISCUSSION? REGENT. SPIEGEL.

THANK YOU. CHAIR SMITH.

I JUST WANTED FROM THE BOTTOM OF MY HEART AND MY PROFESSIONAL CAREER TO THANK YOU FOR FOR FOR ALL OF YOUR WORK YOU'RE CONTINUING TO DO.

[01:35:04]

AND THE WORK THAT YOU DO TODAY TO CONTINUE TO TO SHINE A LIGHT ON THAT AND TO CREATE A BRIGHT FUTURE IS SO IMPORTANT.

AND I CAN'T THANK YOU ENOUGH FOR CONTINUING TO DO THAT, TO CARE FOR FOR FUTURE GENERATIONS AND FAMILIES AND OUR COMMUNITY.

SO THANK YOU. BASS.

I JUST WANT TO SAY THAT MY MOTHER VOLUNTEERED AND FUNDRAISED FOR CHILDREN'S BUREAU IN LOS ANGELES, WHICH TOOK IN ABUSED CHILDREN AND GOT FOSTER HOMES. AND I KNEW ABOUT THIS SYNDROME FROM A VERY EARLY AGE, AND IT WAS PRETTY TRAUMATIC TO HEAR ABOUT IT AT SUCH A YOUNG AGE.

OBVIOUSLY, I'M STILL SORT OF TRAUMATIZED BY IT, BUT YOUR WORK IS SO IMPORTANT AND THANK YOU SO MUCH.

AND BEFORE US IS APPROVAL OF THE RESOLUTION HONORING THE KEMP CENTER.

ALL OF THOSE IN FAVOR SAY I, I.

HE KNOWS THE MOTION PASSES.

AT THIS POINT, WE HAVE DECIDED TO ADD A TIME FOR REGENTS TO SPEAK IF THEY WANT TO SAY ANYTHING OR BRING UP ANY NOTES OF INTEREST.

AND SO I OPEN THE FLOOR FOR THAT.

CHANCELLOR, WILL YOU ALLOW CHANCELLORS TO SPEAK? OF COURSE, BY ALL MEANS.

I'LL BE. I'LL BE VERY BRIEF.

I JUST WANTED TO TAKE THIS OPPORTUNITY.

OUR VICE CHANCELLOR, CARLA AND CHIEF FINANCIAL OFFICER.

THIS IS HER LAST REGENT MEETING.

AND CARLA IS RETIRING THIS NOVEMBER AFTER 30 YEARS OF SERVICE.

AND ONE THING THAT I WANTED TO MENTION IS THAT CARLA BEGAN WORKING AT THE UNIVERSITY WHEN SHE WAS A HIGH SCHOOL STUDENT AND WORKED ON ALL OF OUR CAMPUSES EXCEPT COLORADO SPRINGS AND ANSCHUTZ, DENVER AND BOULDER.

AND SHE EARNED BOTH OF HER BACHELOR'S DEGREE AND HER MASTER'S DEGREE FROM THE UNIVERSITY OF COLORADO.

AND CARLA HAS BEEN EXTREMELY INSTRUMENTAL IN MOVING FORWARD CRUCIAL INITIATIVES ON THE BOULDER CAMPUS, INCLUDING THE TUITION GUARANTEE AND ALSO THE BUDGET REDESIGN THAT WE'VE IMPLEMENTED THIS YEAR.

AND SHE'S ALSO BEEN HAS BEEN SUCH A LEADER ON CAMPUS, ACROSS THE CAMPUS WITH A STRONG MORAL COMPASS.

AND I CERTAINLY WILL MISS HER AND MISS HER AS AN ADVISOR TO ME.

BUT I WISH CARLA AND HER HUSBAND AND SON A WONDERFUL RETIREMENT IN HAWAII.

WOW. I'M SAYING THAT. SO I COULD VISIT AS WELL.

ANYBODY ELSE? YES.

YEAH. AT SOME POINT IN TIME, I'D LIKE SOME MORE INFORMATION ON SOUTH BOULDER AND THE ELECTION THAT'S COMING UP.

AND I KNOW THAT IT'S WELL UNDERWAY AND IN GOOD SHAPE, BUT I'D LIKE TO HAVE SOME MORE INFORMATION ON IT BEFORE TOO MUCH TIME GOES ON.

RIGHT. WELL, THE ELECTIONS COMING UP.

WHAT'S THE BEST WAY TO DO THAT? WE'LL GET A MEMO OUT ON THAT.

ANYTHING ELSE AT THAT TIME SAID ON OCTOBER 12TH TO MAYBE THAT WOULD BE.

OH, YEAH. I JUST WANT TO GIVE A RECOGNITION TO CHAIR SMITH FOR RUNNING A GREAT MEETING.

YOU GOT THROUGH THE FIRST.

FIRST ONE. WELL DONE.

THANK YOU. ALL RIGHT, THAT'S IT.

THEN WE ARE ADJOURNED.

* This transcript was compiled from uncorrected Closed Captioning.