Budgeting and Forecasting

Board Policy 303

Budgeting for any fiscal year or the remaining part of any fiscal year shall not deviate materially from Board Ends policies, risk fiscal jeopardy or be unrealistic in projections of income and expenses. No budget will become effective until approved by the Board.

1. Without information to enable accurate projection for all institutional (and discrete operating unit) revenues and expenses, separation of capital and operational items, cash flow, maintenance and replacement of plant facilities and capital equipment and disclosure of planning assumptions.
2. Which plans for expenditures in any fiscal year of more funds than are conservatively projected to be received during that year.
3. Which does not provide the annual operating funds for Board prerogatives such as cost of fiscal audit, legal, Board development and training, and Board professional fees.
4. That fails to take into account Board Ends policies.
5. That fails to include a minimum of a 10% (ten percent) reserve fund.
6. Which proposes an increase in tuition and fees without prior approval by the Board of Trustees.