2001 Budget Policy

Print Degree Planner (opens a new window) |

It shall be the policy of the Bay de Noc Community College Board of Trustees to attempt to adopt a budget for each fiscal year in June of the preceding fiscal year. Upon adoption, the final budget will be the authorization for general fund expenditures. It is recognized that financial circumstances may require budget adjustments during the fiscal year.

The President and Vice Presidents shall authorize all expenditures for their budget areas ensuring their budget centers are not overspent. Capital expenditures shall be defined as items with a value of $5,000 or greater and a useful life of greater than one (1) year.

In the event the budget is in danger of deficit spending, the Vice President of Finance and Operations shall report to the President with recommendation, and the President shall take such steps as are necessary to maintain a balanced budget and will directly report such action to the Board.

Additional authority for spending will be found in the policy on purchasing.

Procedure:

2001.1

November:

Capital Planning Team collects and reviews capital planning requests and uploads into Capital Planning spreadsheet.

2001.2

December:

Capital Planning Team reviews capital requests in spreadsheet and prioritizes; determine funding source (capital millage, Foundation, grants, new borrowing, general fund or move to future year).

2001.3

January:

Enrollment Team sets enrollment projection for following year.
President’s Office sends budget suggestion forms to all employees.
VP of Finance & Operations rolls over budget from previous year in Budget Module with adjustments.
VP of Finance & Operations makes budget worksheets available to budget managers.

2001.4

February:

VP of Finance & Operations develops DRAFT initial budget from all budget input.
Senior Leadership Team (SLT) reviews budget suggestions for potential implementation.
Review at winter SLT retreat and make adjustments to the initial DRAFT budget.

2001.5

March:

Lobby legislators for increase in state appropriations.

2001.6

April:

SLT makes adjustments to the DRAFT budget.
State appropriations are expected.
Property values are expected.
Health insurance costs are expected.

2001.7

May:

President to discuss DRAFT budget with Board at spring board retreat, including setting tuition and fees rates.
Share DRAFT budgets

2001.8

June:

SLT develops FINAL budget
VP of Finance & Operations creates budget book.
VP of Finance & Operations prepares L-4029 for signature at board meeting and sends to all taxing entities.
Board approves & adopts FINAL budget.
VP of Finance & Operations communicates with web personnel to post the summary budget on Michigan Transparency page and post the full budget book on the Business Office myBay page for budget managers.

2001.9

July:

Capital project funds available.
SLT summer retreat to review priorities and upcoming year’s strategies.

Approval Dates:

Policy Origin Date:
10/09/1974

Policy Revision Date:
05/19/2004
01/17/2024

Procedure Origin Date:
01/14/1998

Procedure Revision Dates:
06/25/2008
08/14/2015
06/14/2021
01/17/2024