G2: Development, Adoption and Acceptance of the Operating Budget

Responsibility for Maintenance:  Financial Services

Date of most recent changes: June 17, 2014

 

I. Policy Statement 

This policy sets forth the requirements for the development, adoption and acceptance of Onondaga Community College’s operating budget.

II. Reason for Policy 

This policy facilitates compliance with Article 126 of the New York Education Law, the corresponding Education Department regulations, and the Department’s Code of Standards and Procedures for the Administration and Operation of Community Colleges.

III. Applicability of the Policy 

All members of the College community should be familiar with this policy.

IV. Related Documents 

V. Contacts  

 Subject  Office Name  Title or Position  Telephone Number  Email/URL 
Budget Matters Financial Services Senior Vice President and Chief Financial Officer (315) 498-2268  m.r.manning@sunyocc.edu

 

VI. Definitions  

 Term  Definition 
Operating Budget   The operating budget is the College’s allocation of operating funds it projects that it will need to implement its educational and auxiliary programs during the next academic year.

 

VII. Procedures 

Operational and resource allocation plan development takes place during the months of October, November and December and will be developed with input from the College community. During this process, designated College personnel will provide information regarding projected economic needs in respect to their respective areas of responsibility.

College Operating Budget Approval Process 

  1. The College administration will create an operating budget, taking into account requests for budgetary allocations received from authorized College personnel. 
  2. The College administration will present the operating budget to the College's Board of Trustees for final approval between April 15 and June 15. The operating budget will comply, as to form and content, with applicable provisions of Part 602 of the Education Department’s regulations and the Department’s Manual for Community College Business Offices.
  3. The College’s Board of Trustees will submit the approved operating budget to Onondaga County for approval.
  4. Following approval by Onondaga County, the College will submit the operating budget to SUNY for approval on or before the date prescribed by the SUNY Chancellor or his/her designee. The operating budget that the College submits to SUNY will contain a written certification by the Board of Trustees indicating that both the Board of Trustees and Onondaga County have approved the operating budget.
  5. In the event that either the SUNY Trustees or Onondaga County fails to approve the operating budget, the College’s Board of Trustees will request that the SUNY Chancellor or his/her designee arrange a conference with representatives from the SUNY Trustees, the College's Board of Trustees, and Onondaga County to produce an agreement as to the operating budget. In the event such negotiations are necessary, the College's Board of Trustees will make any necessary adjustments that result from the negotiations. The adjustments will remain within the total amount of funds agreed upon.

Accounting and Records 

The College shall maintain records and accounts relating to the budget process in accordance with the accounting standards that the SUNY Board of Trustees has established. At all times, the College will review and maintain its operating fund balance consistent with sound fiscal management procedures.

Authorized Investments 

Should the College have operating fund cash in excess of its current needs the College will place excess funds in authorized investments. The SUNY Chancellor or his/her designee shall determine the classification (offset or revenue in lieu of local sponsor share) of interest income for purposes of the College’s operating budget and annual financial report.

 

 

Approved by OCC Board of Trustees April 3, 2006 

Updated and approved by the OCC Board of Trustees June 17, 2014