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The board of each community college district shall within or before the first quarter of each fiscal year, adopt an annual budget which it deems necessary.

Published byClara Fox Modified over 9 years ago

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Presentation on theme: "The board of each community college district shall within or before the first quarter of each fiscal year, adopt an annual budget which it deems necessary."— Presentation transcript:

1 The board of each community college district shall within or before the first quarter of each fiscal year, adopt an annual budget which it deems necessary to defray all necessary expenses and liabilities of the district, and in such annual budget shall specify the objects and purposes of each item and amount needed for each object or purpose. … The board may from time to time make transfers between the various items in any fund not exceeding in the aggregate 10% of the total of such fund as set forth in the budget. (110 ILCS 805/3 ‑ 20.1)

2 Revenue Local Property Taxes (41) ICCB Operating Grants (42) – Base Operating (Cr Hr) – Square Footage – Equalization ICCB Restricted Grants (42) – Workforce Development – Adult Education Tuition and Fees (44)

3 Expenditure Budget Appropriated by Fund, Function, and Object

4 Funds Operating Funds – Education (01) – Operations and Maintenance (02) – Auxiliary Enterprises (05) – Audit (11) – Liability, Protection, and Settlement (12) – Restricted Purposes (06) Capital Funds – Bond and Interest (04) – Operations and Maintenance (Restricted) (03) Other Funds – Working Cash (07) – Trust and Agency (17)

5 Function (Program, Activity) Instruction (1) Academic Support (2) Student Services (3) Public Service/ Continuing Education (4) Auxiliary Enterprise (6) Operation & Maintenance of Plant (7) Institutional Support (8) Scholarships, Grants, & Waivers (9)

6 Program/Subprogram 1000Instruction 1010BA Transfer 1020Business – Occupational 1030Technical – Occupational 1040Health – Occupational 1050Remedial Studies 1060Adult Basic and Secondary Ed 1070General Studies 1090Other

7 Program/Subprogram 2000Academic Support 2010Library Center 2020Instructional Materials Center 2030Educational Media Services 2040Academic Computing Support 2080Academic Admin and Planning 2090Other

8 Program/Subprogram 3000Student Services 3010Admissions and Records 3020Counseling and Career Guidance 3030Student Health Service 3040Financial Aid Administration 3060Social and Cultural Development 3080Administration 3090Other

9 Program/Subprogram 4000Public Service/ Continuing Education 4010Community Education (Noncredit Instructional) 4020Customized Training (Instructional) 4030Professional Development 4040Community Services (Non-instructional) 4080Administration 4090Other

10 Program/Subprogram 6000Auxiliary Services 6010Food Service 6020Bookstore 6030Child Care Center 6040Intercollegiate Athletics 6050Student Organization 6080Administration 6090Other

11 Program/Subprogram 7000Operation & Maintenance of Plant 7010Maintenance 7020Custodial 7030Grounds 7040Campus Security 7050Transportation 7060Plant Utilities 7080Administration 7090Other

12 Program/Subprogram 8000Institutional Support 8010Executive Management 8020Fiscal Operations 8030Community Relations 8040Administrative Support Services 8050Board of Trustees 8060General Institution 8070Institutional Research 8080Administrative Data Processing 8090Other

13 Program/Subprogram 9000Scholarships, Student Grants, and Waivers 9010Scholarships/Grants 9020Waivers 9030Chargeback/Contractual Agreements

14 Object Salaries (51) Employee Benefits (52) Contractual Services (53) Materials & Supplies (54) Travel & Conferences (55) Fixed Charges (56) Utilities (57) Capital Outlay (58)

15 Budget Management vs Financial Reporting Budget Management Budget assigns spending authority to managers; represents planned use of resources. Managers implement plan. Revenues are estimated; expenditures are budgeted contingent on revenues being achieved and cash collected. Financial Reporting Expenditures are recorded to facilitate reporting of actual results. Entries must be posted accurately to ensure correct reporting and analysis. Move budget, not actuals unless posted in error.

16 Budget Management vs Financial Reporting Budget Management 51000 – Salaries Financial Reporting 51101 – Administrators 51201 – Professional 51301 – Faculty 51401 – Managers 51601 – Support staff 51602 – Support staff PT 51604 – Support staff OT

17 Budget Management vs Financial Reporting Budget Management Budget Journal Entry Transfer budgeted funds (spending authority) from one line item to another. Requires trustees’ approval if between funds, functions, or certain objects. No transfer of tax levy revenues between funds. Financial Reporting Journal Entry Reclassify expenditures from one fund-function- object to another. NOT for realigning spending authority. Expenditures should be recorded accurately, even if budget is not correctly distributed between line items.

18 FundDepartmentObjectGrant 01810800 Finance & Admin 511000000 01841000 Human Resources 516000000 01919800 Board of Trustees 541010000

19 FundDepartmentObjectGrant 0181 0800 Finance & Admin 511000000 0184 1000 Human Resources 516000000 0191 9800 Board of Trustees 541010000

20

21 Program/Subprogram 8000Institutional Support 8010Executive Management 8040Administrative Support Services 8050Board of Trustees 9000Scholarships, Student Grants, and Waivers 9010Scholarships/Grants

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