Finance Department Procedure on Budgeting
The Hudson County Community College (“College”) budget is a planning tool that reflects
the College’s programs, mission, and strategic plan. The budgeting process begins
at least six (6) months before the end of the fiscal year to allow enough time for
the proposed budget to be reviewed and approved by the College’s Board of Trustees
before the start of the new fiscal year.
II. Budgeting Process
- Prior to the start of the fiscal year, the College’s Vice President for Business and
Finance/CFO shall develop a timeline for the budgeting process, which will include
the start date through the time necessary for review and approval of the proposed
budget by the Board of Trustees.
- The budget template shall be sent to the department’s budget officers to input their
department’s projected expenses for the fiscal year. The budget officers shall prioritize
their department’s expenses based on program delivery goals, organizational financial
goals, and annual goals set forth in the College’s strategic plan.
- A budget hearing shall be conducted with the Finance Office to understand the needs
of each department. At this hearing, the budget officers shall be afforded the opportunity
to explain their respective departments' projected fiscal needs.
- Following the budget hearing, the budget officers shall complete the necessary templates
for budget needs and return them to the Accounting Department for consolidation.
- The expense budget is drafted by the Accounting Department and sent to the Vice President
for Business and Finance/CFO for review.
- The income budget is drafted by the Vice President for Business and Finance/CFO.
- The drafted budget is reviewed by the President, and any changes or department suggestions
- Once reviewed and approved by the President, the budget shall be presented to the
Board of Trustees for approval in accordance with applicable law.
- All budget decisions and the assumptions upon which they are made shall be documented.
- Upon approval by the Board of Trustees, the approved budget shall be incorporated
into the Colleague system and a Budget Export Selection (BUXS) report will be generated,
which report shall be compared with the excel spreadsheet to ensure that all amounts
are entered and are correct.
- The approved budget shall be made available on the College portal and monitored by
the department’s budgeting officer.
- Questions about the budget shall be submitted to the Accounting Office for review
and response as necessary, and changes, if warranted, will be implemented where applicable.
Approved by Cabinet: July 2021
Related Board Policy: Finance
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