Budget Preparation

Policy Number
BP 6200
Policy Category
Chapter 6 - Business and Fiscal Affairs
Adopted
Last Reviewed

Each year, the President shall present a budget to the Board of Education. The schedule for presentation and review of budget proposals shall comply with state law and regulations, and provide adequate time for Board of Education study.

Budget development shall meet the following criteria:

  • Complies with Oregon Local Budget Law.
  • Contains sufficient information to enable credible projections of resources and expenditures as presented in the Budget Document in accordance with Oregon Local Budget Law.
  • Discloses planning assumptions.
  • Limits expenditures in any fiscal year to conservatively projected resources for that period.
  • Maintains current assets at any time to at least twice current liabilities.
  • Complies with budget and financial policies contained in BP 6115 Budget Officer, BP 6205 Budget Preparation and Adoption, BP 6210 Budgeting of Non-Recurring Resources, BP 6215 Capital Reserve Funds, BP 6225 Definition of a Balanced Budget, and BP 6230 Ending Fund Balance.
  • The annual budget shall support Lane Community College’s master and educational plans.
  • A schedule is provided to the Board of Education by February of each year that includes dates for presentation of the tentative budget, required public hearing(s), Board of Education study session(s), and approval of the final budget.  At the public hearings, interested persons may appear and address the Board of Education regarding the proposed budget or any item in the proposed budget.
  • Changes in the assumptions upon which the budget was based shall be reported to the Board of Education in a timely manner.
     
References
Board Policy 6115 - Budget Officer
Board Policy 6205 - Budget Preparation and Adoption
Board Policy 6210 - Budgeting of Non-Recurring Resources
Board Policy 6215 - Capital Reserve Funds
Board Policy 6225 - Definition of a Balanced Budget
Board Policy 6230 - Ending Fund Balance

Board Policies are adopted by the Lane Community College Board of Education and establish the College’s governing principles and institutional direction. These policies are reviewed by the Board at least every five years or more often as needed. Board Policies are distinct from College Operating Policies and Procedures (COPPS), which provide operational guidance and are developed through governance processes and by responsible managers.