Pine Technical College
Policy and Procedure

Policy Number: 402R Date: 8/7/98 Revision Date: 12/02/2002
Division/Department: Fiscal Services Author: George W. Okolo Revision: Katherine Dettinger
Subject: Budget Planning, Control and Reporting

Authorities:
Minnesota State College and Universities (MnSCU) Policy No. 7.1

Purpose:
To plan, establish, control, monitor and report the College operating budget

Policy:
The College will plan, establish and adopt a budget on a fiscal year basis. The adopted budget will include the estimated revenue and expenses for the fiscal year.

Procedure:
Revenue and Expense budgets will be entered in the MnSCU Accounting System by the Business Office. The spending threshold limits for the object class will control the expense budget. Encumbrance accounting will also provide control over the expense budget.
The Business Office will print and distribute budget reports to cost center managers on a monthly basis. Reports providing information on the current expenditure budgets, encumbrances, expenditures, and balances and percents of budgets available and comparisons with prior years will be provided to the Leadership Team on a quarterly basis. Reports providing information on the current revenue budgets, accrued and received revenue, and balances and percents of budgets remaining to be collected and comparisons with prior years will also be provided to the Leadership Team on a quarterly basis. Reports providing information on the amount and percentage of employees’ salaries and fringe benefits charged to each cost center will be provided to cost center managers near the beginning of each fiscal year and again just prior to the next year’s budget preparation.
Prior to the next year’s budget preparation, the President or designee will provide budget instructions, including forms, key dates, responsible persons, required data, and specific policies for budget requests.

Responsibility:
See Policy and Procedures above

Dissemination:
Cost Center Managers will communicate the policy to employees in their units.
The President may provide the policy to third parties and outside agencies.

Reviewed by Executive Cabinet:11/2/98, 12/02/02
Reviewed by Faculty Senate: 9/2/98
Reviewed by:
Approved:11/2/98, 12/16/02 ______________________________________________
Robert L. Musgrove, Ph.D., President