POL 2.100 Budget Preparation and Administration
The college President (or designee) shall prepare for Board consideration a budget prior to June 30 of each year. This budget, after Board approval, shall serve as the authorization for expenditures beginning July 1, the start of the fiscal year.
It shall be the responsibility of the Vice President of Business Services to coordinate the development and preparation of the budget. It is a requirement of the Board of Trustees that a balanced budget be presented for their consideration. A budget may be considered balanced with the use of the fund balance reserves – reference Fund Balance Reserve section below. The Vice President of Business Services shall resolve all issues pertaining to the budget prior to final preparation and presentation to the Board. The President shall review all figures in the budget.
Fund Balance Reserves
The maintenance of an appropriate fund balance is essential to the financial security of the college. Available fund balance dollars are not intended to be spent for recurring operating expenses; to do so would greatly spend down all college reserves.
Examples of times when the use of fund balances may be considered include:
- Emergency repairs to the infrastructure of the college
- An investment in a project designed to produce revenue
- Replacement of state appropriation cuts in the year of the reduction
- Start-up costs for new college programs and initiatives (two year maximum)
- Planned future expenditures for which a fund balance has been accumulating
Any considerations for the use of the fund balance will be brought to the board for approval prior to the occurrence.
In the event the budget is in danger of deficit spending, the Vice President Business Services shall report to the President with recommendations, and the President shall take such steps as are necessary to maintain a balanced budget and will directly report such action to the Board. Additional authority for spending will be found in the policy on purchasing.
Revised April 16, 2009
Revised September 17, 2009
Revised October 21, 2021