CA. The College Budget (BP)

Policy

The budget is developed by the faculty, administration, staff and Board of Regents to accomplish the educational purposes of South Plains College. The budget originates with faculty or staff members; it is reviewed, consolidated, adjusted and approved by the administration; and it is finally approved by the Board of Regents after an official public hearing. Once the budget is formally approved, it becomes a guide for expenditures, alterable in total, only by the Board of Regents.

Budget Preparation

South Plains’s budget formulation is driven by a “zero-based budget” philosophy. This means that a budget is developed on the basis of new and existing goals and needs for the new budget year. Needs must be established and justified for each item of the new budget. Early each fall, faculty, staff, departmental chairs, directors and deans begin their budget planning process. This includes the evaluation of existing goals, developing new goals in necessary, projecting future needs and cost estimates.

Planning hearings will be held in the early part of the spring semester. All department heads will present their significant budget requests to the Executive Council and the appropriate Dean/Director. The Executive Council will consider those requests from the standpoint of student benefit and projected funds available for the upcoming fiscal year. The Executive Council will then issue the necessary planning guidance for the departments to complete their respective budgets. Upon receipt of the final budgets, the Vice President for Finance and Administration will compile the college-operating budget for the next fiscal year.

In May, a summary of the budget parameters will be presented to the Board of Regents for their review. In June, a detailed preliminary budget will be presented to the Board of Regents for their review. The Board will consider approving the budget at the August meeting.

Distribution of Approved Budget

The Business Office will distribute departmental copies of the current budget to appropriate personnel in August of each year.

Transfer of Funds

The transfer of funds from one operating fund to another, except for transfers resulting from the following of generally accepted accounting principles and authorized fiscal procedures (e.g., transfers to fund debt service) will be authorized by the Board of Regents.

Individual departmental accounts may be adjusted by the administration.

Financial Reports to the Board

The Board shall be presented a financial report of the College’s operations at its regular monthly meeting. As unbudgeted operational needs are identified, the President shall notify the Board of anticipated institutional expenditures necessary to maintain the College’s program.

Revised: 3/10/05

 


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