The College Budget (BP)
The budget is developed by the faculty, administration, staff and Board of Regents to accomplish the educational purposes of South Plains College. The budget originates with faculty or staff members; it is reviewed, consolidated, adjusted and approved by the administration; and it is finally approved by the Board of Regents after an official public hearing. Once the budget is formally approved, it becomes a guide for expenditures, alterable in total, only by the Board of Regents.
South Plains College budget is a comprehensive process and is coupled with the planning and assessment processes for the different operational units within the college. A budget covering all aspects of financial information that includes a projection of recurring income and recurring expenses will be created based on projected income available. Nonrecurring or new expenses must be established and justified for each item of the new budget. Early each fall, faculty, staff, departmental chairs, directors and deans begin their budget planning process. This includes the evaluation of existing goals, developing new goals in necessary, projecting future needs and cost estimates.
Planning hearings will be held in the early part of the spring semester. All department heads will present their significant budget requests to the Executive Council and the appropriate Dean/Director. The Executive Council will consider those requests from the standpoint of student benefit and projected funds available for the upcoming fiscal year. The Executive Council will then issue the necessary planning guidance for the departments to complete their respective budgets. Upon receipt of the final budgets, the Vice President for Business Affairs will compile the operating budget for the next fiscal year.
In June, a detailed preliminary budget will be presented to the Board of Regents for their review. The Board will consider approving the budget at the August meeting.
Distribution of Approved Budget
Each department will have access to view the budget in Colleague once the budget is approved by the Board of Regents.
Transfer of Funds
The transfer of funds from one operating fund to another, except for transfers resulting from the following of generally accepted accounting principles and authorized fiscal procedures (e.g., transfers to fund debt service) will be authorized by the Board of Regents.
Individual departmental accounts may be adjusted by the administration.
Financial Reports to the Board
The Board shall be presented a financial report of the College’s operations at its regular monthly meeting. As unbudgeted operational needs are identified, the President shall notify the Board of anticipated institutional expenditures necessary to maintain the College’s program.