Budget

POLICY OF BOARD OF TRUSTEES OF PEARL RIVER COMMUNITY COLLEGE 

Adopted: Tuesday, May 11, 1976 
Revision Number: 3 
Revision Date: Friday, March 12, 2004 
Reference: Financial Resources

Policy:

The President will submit a projected annual budget to the Board of Trustees in accordance with state laws and regulations.

Procedure:

1. The President and Chief Financial Officer are responsible for preparing and presenting the annual budget to the Board for approval at the regularly scheduled meeting in June of each fiscal year. The College will follow budgeting procedure as contained in the zero-based budgeting concept. Each line item of the College budget will be presumed to be zero until sufficient documentation is presented to justify all expenditures and revenues.
2. The Chief Financial Officer will be responsible for developing the budgeted revenues of the College. The College’s Mission Statement and Strategic Goals will serve as the basis for the budget, and the budget will be developed in complete detail utilizing all information from all sources of known and projected information.
3. The heads of administrative units will review very carefully all budgets and expenditures in relation to the Mission Statement and Strategic Goals from the current year. The source of this information is the monthly report now received reflecting adjusted budgets and actual expenditures. For example, personnel in each department of the college should be reviewed to insure the necessity of the positions. The criteria for necessity will include student load for faculty, number of students served for clerical positions, etc. Each category of budgeted expenditures will be given sufficient scrutiny to provide for adequate justification. The process will allow input from all department heads and employees. The procedure for presentation of budget requests from these individuals will be determined by the administrators.
4. The budget development process will begin no later than February 1 prior to the beginning of the next fiscal year. Completed division requests, including Needs Assessment Forms, must be submitted to the Chief Financial Officer or President no later than March 1. The Chief Financial Officer and/or President will meet with each administrator during the month of March for the purpose of clarifications, if necessary, or other explanation as deemed necessary.
5. The President and Chief Financial Officer will review requests, as submitted, to begin the match process to available revenues. Hearings with administrators will be held to further the process. For example, it may be necessary for additional information to be provided for justification purposes. Also, further pleas for inclusion can be presented at this time.
6. The President and Chief Financial Officer will prepare an initial draft budget followed by the final version to be presented to the Board of Trustees for approval.
7. The final, approved version of the budget, as applicable to each division, will be provided to each administrator as soon as possible after the June board meeting.

Needs Assessment Form

Annual Planning and Evaluation Cycle