Financial Planning and Budgeting

Policy Number
BP 6410
Policy Category
Chapter 6 - Business and Fiscal Affairs
Adopted
Last Reviewed

Financial planning for any fiscal year or the remaining part of any fiscal year shall reflect the board's end priorities, avoid fiscal jeopardy, and shall be derived from a multi-year plan.

Accordingly, the president shall assure budgeting that:

  1. Complies with Oregon Local Budget Law.
     
  2. Contains sufficient information to enable credible projections of resources and expenditures as presented in the Budget Document in accordance with Oregon Local Budget Law.
     
  3. Discloses planning assumptions.
     
  4. Limits expenditures in any fiscal year to conservatively projected resources for that period.
     
  5. Maintains current assets at any time to at least twice current liabilities.
     
  6. 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.
     
References
 
Note: This policy replaces retired Board Policy 260 (last reviewed January 4, 2023). The language has been adopted without change and renumbered to align with the four-digit policy structure.

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.