David DiMattio

The committee reviewed the updated IT Master Plan for fiscal years 2023-2028 and discussed the upcoming Spring Giving Day campaign. A recommendation was made to the Board of Trustees for the discontinuation of several Civil Engineering Technology and Civil Construction Management academic programs, with a two-year teach-out plan to be implemented. The committee also reviewed federal feedback regarding financial assistance certification requirements and recommended approval of a revised performance evaluation tool for Non-Unit Professional employees. Additionally, the committee received updates on legislative engagement and upcoming end-of-semester events.

The committee reviewed the investment subcommittee report, received an update on the FY 2025 single audit findings, and discussed the FY 2026 3rd quarter trust fund report. Financial updates were provided, including a cash flow projection and revenue and spending projections for FY 2026. The committee also considered and approved the final draft of the FY 2027 budget and authorized increases to various student fees effective for the Fall 2026 semester.

The board meeting focused on several key agenda items, including the discontinuation of the Civil Engineering Technology program and the adoption of a new performance evaluation instrument for Non-Unit Professional staff. Financial agenda items involved the approval of student fees and the budget for fiscal year 2027. The President's report highlighted recent grant awards from the Smith Family Foundation and the Mass Clean Energy Center, updates on the School of Health capital project, the BRIGHT Act, the Quantum Supply Chain Accelerator, and the upcoming 2026 commencement. Additionally, the agenda included discussions regarding the presidential transition and a farewell event for the president.

The meeting featured a review of the Investment Subcommittee report and a discussion of FY 2026 trust fund reports, which indicated higher revenues due to increased enrollment. Financial updates included a cash flow projection and an overview of FY 2026 revenue and spending, noting favorable net income figures. The committee also examined the FY 2027 budget process, including a five-year scenario analysis, key budget drivers such as salary-related expenses, and strategies for maintaining fiscal alignment between revenue and expenditures. Additionally, the Investment Subcommittee detailed its quarterly review, covering asset allocation, portfolio performance, and market forecasts for the college's investment accounts.

The committees reviewed the FY 2025 Single Audit, which identified two findings related to Return of Title IV Funds and NSLDS enrollment reporting, for which corrective action plans were established. The FY 2025 Single Audit was recommended for approval to the Board of Trustees. Additionally, the meetings included a review of the current cash flow projection, a favorable FY 2026 budget outlook driven by increased enrollment and state appropriations, and a preliminary discussion regarding the balanced FY 2027 budget draft, focusing on key assumptions such as fee increases, wage adjustments, and strategic investments.