The Chancellor and the USG chief fiscal officer reserves the right to require prior approval of the budget amendments at any USG institution that he or she determines has failed to manage its budget within available resources or in a manner consistent with Board of Regents’ goals and priorities. Institutions shall report all budget amendments to the USG chief fiscal officer on a quarterly basis under procedures developed by his or her staff. Such updates may be made without prior approval of the Board of Regents. Visit the Budget Issues Committee Website Budget AmendmentsĮach USG institution is authorized to maintain and update its annual operating budgets throughout the fiscal year. The committee is comprised of various institutional representatives dedicated to facilitate system-wide measures of best practices. The Budget Issues Committee (BIC) serves as an advisory group to the Budget Office. Operating BudgetĮach institution of the System shall prepare an operating budget for educational and general activities and an operating budget for auxiliary enterprises of the institution for the fiscal year within the limit of funds allocated plus estimated internal income of the institution, per BOR Policy 7.2.3. The Board shall make the allocation of funds to the institutions at the April meeting or the next regular meeting following the approval of the Appropriations Act or as soon thereafter as may be practicable in each year, per BOR Policy 7.1.1. After the bill is passed and signed by the Governor, a significant amount of work goes into decisions that determine where and how the funds are spent.
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