General Fund Contingency

Policy Number
BP 6245
Policy Category
Chapter 6 - Business and Fiscal Affairs
Adopted

The General Fund should include a contingency account to handle unforeseen expenses that may arise during the budget year. This contingency appropriation is generally used for unexpected, one-time costs, new legislative or program requirements that were not anticipated when the budget was created, and emergency situations. The General Fund contingency shall be set at two percent of the general fund revenue budget. Any use of the General Fund contingency must be approved by the president, and all actions to reduce, increase, or reallocate these funds must be approved by the Board in accordance with ORS 294.463 based on the needs of the college.
 

References

Legal: ORS 294.463 - Transfers of appropriations within fund or between funds

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.