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Image 9 of Minutes of the University of Kentucky Board of Trustees, 2011-06-14

Part of Minutes of the University of Kentucky Board of Trustees

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-9- Z. Student Affairs Committee Report Ms. Patterson, chair of the Student Affairs Committee, reported on the moming’s meeting, which featured interviews with successful UK students. The committee intends for such interviews and showcasing to become a regular feature at its meetings. Chosen for the first such meeting were Aleidra Allen and Joseph Quinn, both May 2011 graduates and Singletary Award recipients. Committee members talked with the students and asked what brought them to UK, what their memorable moment was at UK, what they enjoyed the most, what UK can do to entice pre-college students to come here, how students can be successful at college, and what their first involvement was as a student. Mr. Smith spoke on this being a bittersweet time for him as he concludes his year as president of Student Govemment Association and as a member of the Board of Trustees. He gave an introduction ofthe incoming president of Student Govemment Association, Micah Fielden. A Lexington native, Mr. Fielden, majoring in Biotechnology and Agricultural Engineering, has been involved with Student Government for several years and will be a good advocate for the students. AA. University Health Care Committee Report Dr. Brockman reminded Board members that the Health Care retreat on June 13 comprised the meeting of the Health Care Committee. He asked Ms. Young to give the committee report. Ms. Young, chair ofthe committee, remarked that the retreat was attended by most ofthe board members and that it was a full day. Dr. Karpf opened the meeting with a strategic plan update called "Moving Forward” and talked about how relationships with regional providers continue to mature and how the approach to subspecialty care continues to be refined. Then he discussed new initiatives and opportunities in beyond-Kentucky relationships with West Virginia, Ohio, and Tennessee and how a partnership with Norton Healthcare had strong opportunities for collaboration and growth. Mr. Sergio Melgar presented the financial report. While the fiscal year has one month to go, UK should end the year positively. A good indicator is that volume increased in 2010, while the overall patient volume across the state actually has dropped 2.8 percent. Total operating revenue is expected to be just under $890 million — an increase of nearly $50 million over 2010. Operating income is expected to be approximately $30 million, and strong investment income for the year will leave the net change in total assets for the year at approximately $40 million. The balance sheet is expected to show cash and investments in excess of $200 million. Mr. Melgar also presented the budget for 2012. He noted that 2012 is likely to be a challenging year as operations have to adjust to the new outpatient care facility. The 2012 budget shows operating revenues anticipated to be $967 million with an increase in volume to almost 34,000 discharges and a modest increase in outpatient activity. Operating income is budgeted at $20 million. The results include an increase in depreciation of approximately $18 million due to the new pavilion and additional increases in bad debt of $8 million. The major risks for 2012 include adjusting operations to accommodate the new operating room facilities

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