June 11, 2026 - Finance & Operations Committee, University of Minnesota Board of Regents

The University of Minnesota Board of Regents Finance and Operations Committee met on June 11, 2026, to discuss several key procurement and budget matters. The committee reviewed and approved a real estate lease expansion for the Rochester campus in the Discovery Square Innovation District, involving approximately $12 million in lease costs supported by city and state investments. They also reviewed the President's recommended fiscal year 2027 capital improvement budget, which includes $130 million in University-funded projects to cover a $49 million shortfall in state funding for the St. Paul Campus Center, along with $40 million for asset preservation and other infrastructure projects. The operating budget for fiscal year 2027 was presented, highlighting challenges such as flat state funding, increased pharmacy costs, and a proposed 3% merit pool for employee compensation. The committee also reviewed a proposed financing resolution for a new Community University Healthcare Center, utilizing the New Markets Tax Credit program to support construction costs. Additionally, the committee considered a proposed sale of the Les Bolstad Golf Course property for $30.5 million, with proceeds to be reinvested in institutional priorities and support for Division I golf programs. The revised consent report included several employment agreements, a $24 million contract for system-wide WiFi upgrades, and other procurements exceeding $5 million. Motions to approve these items were passed unanimously. Overall, the meeting focused on strategic capital investments, budget balancing amid funding constraints, and leveraging innovative financing and real estate transactions to support the University’s mission and infrastructure needs.