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Article V.06 Budget: Policy
⇓ Policy ⇓
Budgeting procedures will be carried out in accordance with the laws of the state and instructions from the Missouri Coordinating Board for Higher Education.
St. Charles Community College will operate on an annual budget from July 1 through June 30. The budget will be prepared annually by College administration and submitted to the Board of Trustees for approval. The Board of Trustees will review the status of the budget periodically during the year. Any amendments to the budget will be approved by the Board.
The annual operating budget shall be prepared according to the following guidelines for the operating reserves:
A strategic investments reserve is hereby established. Upon the recommendation of the College President, the Board of Trustees may designate a portion of the General Fund unrestricted operational reserve in excess of thirty (30) percent of the annual General Fund budget to be placed in a separate reserve for strategic investments.
At the end of a fiscal year, excess revenues received or unspent expenditure budgets may provide the source of funds for the strategic investments reserve. Any expenditure of funds from the strategic investments reserve requires prior approval of the Board of Trustees.
The Vice President of Administrative Services for the College shall provide a financial report to the Board of Trustees on the financial condition of the College at each regularly scheduled Board of Trustees meeting.
Any significant and unexpected negative change in financial conditions will be reported by the College President immediately (within five days) to the Board of Trustees, faculty, and staff.
Content Owner: Administrative Services