Budget Process

Effective Date: July 1, 2003

Last Reviewed: July 1, 2015

Interim Date: July 21, 2015

Purpose

The purpose of this policy is to outline the process to plan, prepare, adopt, execute, monitor and maintain the College’s annual operating budget.

Policy Statement

It is the policy of the Board of Trustees to approve the College’s operating budget plans annually. The operating budget includes all revenue and expenditure projections. The budget is prepared by NACUBO defined functional categories. The budgeting process consists of four stages: planning, preparing and adopting, executing, and monitoring.

The Senior Vice President of Finance with the assistance of the Director of Financial Planning, Budget and Analysis is responsible for coordinating the development and preparation of the initial budget document. Each Department Head is responsible for creating and submitting his/her departmental budget to the Division Head. The Division Head is responsible for submitting the budget to the Budget Committee after validation by the Senior Vice President for Finance. Upon recommendation by the Budget Committee, the Senior Vice President for Finance will present the budget to the President for discussion and validation. The Senior Vice President will submit the Proposed Institutional Budget, through the President, to the Finance Committee of the Board of Trustees, and then the entire Board of Trustees for adoption.

This policy is currently awaiting approval. You can view the interim policy to the right or by clicking here.