Chapter Five:  Fiscal Affairs

Procedure Title:  Budget Development and Monitoring
Based on:  Board Policies Nos. 4, 5, and 7
Procedure Number:  5.01
Date Adopted/Revised:  June 25, 2001; November 21, 2006; May 15, 2007

  1. South Arkansas Community College’s Educational and General financial operations will be governed by the annual budget that runs from July 1 through June 30.

      1. The budget will be drawn and administered in accordance with all applicable laws and regulations.

      2. The Board must be presented a balanced budget, based on the latest revenue forecasts from the State of Arkansas Department of Finance and Administration and local revenue estimates.

      3. The President will recommend the operating budget to the Board during the May meeting each year.

      4. The budget, when approved by the Board, provides the authorization to expend funds and collect revenues as set forth therein.

      5. After approval of the budget by the Board, the President will be responsible for its execution.

      6. Budget request forms will be completed by each segment of the institution and submitted through the appropriate administrators.

      7. Each administrator will be responsible for monitoring the budget items under his or her control and insuring that the budget is not exceeded without proper approval.

      8. The budget may be amended by the Board during the fiscal year.
  2. The budget will contain a contingency fund from which the President may authorize transfers to accommodate unforeseen needs.

      1. The President and the Vice President for Fiscal Affairs are is authorized to transfer funds between budget areas.

      2. The President is directed to establish procedures and forms for making transfers and for using contingency funds.
  3. The base salaries of individuals included in the budget developed in May of each year will be the salaries for the upcoming fiscal year unless changed by the President. A contingency fund may be used to give raises during the year if permitted by state guidelines.

  4. Significant changes in income will be reported to the Board of Trustees.