SYSTEM POLICY


27.03 Annual Operating Budget Process

Approved February 27, 1995 (MO 44-95), Revised September 26, 1997 (MO 181-97), Revised September 24, 1999 (MO 226-99)


1. The Board shall approve annually, upon the recommendation of the Chancellor, guidelines for the preparation of annual operating budgets for the System, including a proposed schedule for their development, review, and approval by the Board.

2. The Chancellor, along with the component Chief Executive Officers, shall establish a plan for involvement of the Board in the development of budgets.

3. The Board shall review the recommended operating budgets in summary form, in a format prescribed by the Finance Committee. In presenting the budgets for Board approval, the Chancellor shall demonstrate that the operating budgets are in compliance with the Board-approved guidelines; that they support the accomplishment of System missions, goals and objectives consistent with strategic plans; and that they represent sound fiduciary management of System resources. Detailed operating budgets will be furnished to Board members on request, and copies of the executive summaries will be available in the Board of Regents Office.

4. For component universities and the health science center a copy of the approved faculty academic workload policy shall be included in the annual operating budget.

CONTACT OFFICE: System Office of Budgets and Accounting