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Policy 3.1.4

Policy 3.1.4

SUBJECT: UNIVERSITY INVOLVEMENT IN THE BUDGETING PROCESS

The budget of the university is recognized as a significant implementation mechanism in the accomplishment of the strategic plans developed to further the mission of the university.

Annual budgets are developed utilizing a participatory process. Each academic and administrative budget director prepares revenue projections and expenditure requests through the cooperative efforts of the members of his/her unit. All proposals are to be guided by the strategic plans of the university and reflect goals and specific projects planned for the budget year.

Proposed budgets are forwarded to the appropriate member of the budget committee. The budget committee consists of the president, vice president of academic affairs, vice president of institutional advancement, vice president of enrollment management, vice president of external campuses and the chief financial officer of the university. To permit appropriate analysis of assumptions, revenue projections are submitted along with the identification of rates used for all revenue sources and quantity projections for tuition credit hours, housing occupancy levels, meal plan sales, and other gross sales by source. Expenditure requests are accompanied by justification and, if desired, the priority of requests. Some requests, such as equipment, travel, and student labor, are itemized as appropriate.

The budget committee member reviews proposed budgets with each budget director represented and appropriate adjustments are made. Subsequent to adjustments, all requests are submitted to the chief financial officer for compilation of a comprehensive preliminary budget. The preliminary budget is then jointly reviewed by the budget committee. If resources are inadequate to meet requests or if requests do not properly accommodate strategic plans, proposed budgets are returned to budget directors for further refinement.

Recommendations regarding tuition rates and salary increases are presented to the Board of Trustees at the January board meeting and recommendations for salary increase are submitted at the April Board of Trustees meeting. The final budget is also presented to the Finance Committee of the Board of Trustees at the April board meeting. The Finance Committee forwards a recommendation regarding the budget to the full board for action. Approved budgets are distributed to budget directors soon after board approval.

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-          08/14/2017 - Revision and title change


-          01/19/2009 - Title change

-          03/28/2007 - Reviewed

-          08/15/2006 - Reviewed

-          10/01/2004 - Reviewed

-          09/01/2003 - Reviewed and edited

-          09/15/2001 - Reviewed, edited, reissued as 3.1.4

-          12/15/1995 - Inception of policy 3.4.1

Printable Policy 3.1.4

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