PURPOSE

To identify the delegation of fiscal authority for the college and establish procedures for the preparation and review of the budget

REFERENCES

• SVC Board of Trustees Policy EF-1 Fiscal Health
• RCW 28B.50 Community and Technical Colleges
• RCW 43.88 State Budgeting, Accounting, and Reporting System
• RCW 43.19 Department of Enterprise Services
• State Board for Community and Technical Colleges Education Policy and Procedures Manual (section 5.00; separately published as “Fiscal Affairs Manual”)

POLICY

The policy of the college is to establish and maintain a fiscal affairs operation, consisting of a Vice President of Administrative Services, Controller, and other staff as appropriate to fiscal operations. All fiscal affairs are managed consistent with RCW 28B.50 (Community College Act), RCW43.88 (Budget and Accounting Act), RCW 43.19 (Purchasing Act), State Board for Community and Technical Colleges Education Policy and Procedures Manual (section 5.00; separately published as “Fiscal Affairs Manual”) Washington Administrative Code (WAC) as applicable, Office of Financial Management (OFM) regulations and the “State Administrative and Accounting Manual.

The fiscal year of the college shall conform to the fiscal year of the State of Washington beginning July 1st and ending June 30th.

PROCEDURES

Budget Preparation

The college will prepare and administer annual budgets as required by law. Such budgets include general fund, associated students and other local funds. It is the responsibility of the Vice President of Administrative Services to develop, review and monitor annual budgets and initiate necessary amendments.

The annual budget is developed over a period of six months. Requests for annual budget information are sent to budget managers through the Vice President of Administrative Services by the first week in February for the ensuing fiscal year. These requests are reviewed by the President’s Cabinet. The President’s Cabinet makes recommendations concerning staffing, FTE projections and the general allocation of resources.

The Vice President of Administrative Services prepares the recommended budget and provides budget forums on the Mount Vernon and Whidbey Campuses to discuss budget priorities. A work session is also held with the Board of Trustees to consider the proposed budget. The final recommended budget is prepared by the Vice President of Administrative Services prior to the June Board of Trustees meeting, at which time the budget is recommended for adoption.

The college capital budget request is prepared according to instructions issued by the State Board for Community and Technical colleges. While the timing of budget preparation varies from that of the operating budget, and can change from year to year based upon the budget instructions, the processes used to develop the request are similar to preparation of the operating budget.

Specific information or associated students budget procedures are covered in Article VI of the ASSVC Financial Code.

Budget Review

• The Skagit Valley College Board of Trustees assures fiscal health and stability of the college. In order for the Board of Trustees to assess the financial health of the college on an ongoing basis, administration will provide the following to the Board at its regularly scheduled board meetings:
• A monthly report recording the college’s Year-to- Date (YTD) revenues and expenses for the current fiscal year and comparison YTD amounts for the prior fiscal year.
• It is anticipated that in most cases, the month ending reports will be available for the following month’s regularly scheduled board meeting. If such is not to be available, the Board will be apprised of such and the reports will be presented at the following scheduled Board meeting.
• A final annual report of fiscal-year Revenues and Expenditures will be provided to the Board of Trustees. This report will also show comparisons to the board approved operating budget.

Results of annual state audit will be provided to the Board as soon as available.