Effective Date: December 8, 2009
Last Reviewed: December 8, 2009
The Vice President for Finance and Treasurer is responsible for the oversight of the College operating and capital budgets. The Budget Office shall assist in the management and oversight and monitoring of approved budget spending, including monitoring budget items that have insufficient funds and working with department on budget reallocations.
Department Managers are approved to begin spending from the current year operating budget and capital budget after July 1, when the fiscal year begins for the College.
Department Managers are not authorized to use any salary savings, due to a vacant position or hiring at a lower than budgeted salary, for non-personnel expenditures. Use of any salary savings for additional hires must be approved by the Budget Office and the Vice President for Finance before the hire process can begin.
The Vice President for Finance reserves the right to hold any and all budget funds in the event of significant financial concerns of the College.
No unspent departmental or capital budgets automatically “roll” over to the next fiscal year. A budget roll forward request must be approved by the Vice President for Finance and only due extraordinary situations where the budget item could not be completed by June 30th the fiscal year close date.