Policy name: Development, Adoption and Acceptance of the Operating Budget
Responsibility for Maintenance: Financial Services
most recent changes: June 17, 2014
I. Policy Statement
policy sets forth the requirements for the development, adoption and acceptance
of Onondaga Community College’s Operating Budget.
II. Reason for Policy
policy facilitates compliance with Article 126 of the New York Education Law,
the corresponding Education Department regulations, and the Department’s Code
of Standards and Procedures for the Administration and Operation of Community
III. Applicability of the Policy
members of the College community should be familiar with this policy.
IV. Related Documents
Title or Position
Chief Financial Officer
The Operating Budget is the College’s allocation of operating
funds it projects that it will need to implement its educational and
auxiliary programs during the next academic year.
Operational and Resource
Allocation Plan Development takes place during the months of October,
December and will be developed with input from the College
community. During this process, designated College personnel will provide
information regarding projected economic needs in respect to their respective
areas of responsibility.
College Operating Budget Approval Process
- The College administration
will create an Operating Budget, taking into account requests for budgetary
allocations received from authorized College personnel.
- The College administration
will present the Operating Budget to the College Board of Trustees for final
approval between April 15 and June 15. The Operating Budget will comply, as to
form and content, with applicable provisions of Part 602 of the Education
Department’s Regulations and the Department’s Manual for Community College
- The College’s Board of
Trustees will submit the approved Operating Budget to Onondaga County for
- Following approval by
Onondaga County, the College will submit the Operating Budget to SUNY for
approval on or before the date prescribed by the SUNY Chancellor or his/her
designee. The Operating Budget that the College submits to SUNY will contain a
written certification by the Board of Trustees indicating that both the Board
and Onondaga County have approved the Operating Budget.
- In the event that either
the SUNY Trustees or Onondaga County fails to approve the Operating Budget, the
College’s Board of Trustees will request that the SUNY Chancellor or his/her
designee arrange a conference with representatives from the SUNY Trustees, the
College Board of Trustees, and Onondaga County to produce an agreement as to
the Operating Budget. In the event such negotiations are necessary, the College
Board of Trustees will make any necessary adjustments that result from the
negotiations. The adjustments will remain within the total amount of funds
Accounting and Records
The College shall maintain
records and accounts relating to the budget process in accordance with the
accounting standards that the SUNY Board of Trustees has established. At all
times, the College will review and maintain its operating fund balance
consistent with sound fiscal management procedures.
Should the College have operating fund cash in excess of its
current needs the College will place excess funds in authorized investments.
The SUNY Chancellor or his/her designee shall determine the classification
(offset or revenue in lieu of local sponsor share) of interest income for
purposes of the College’s operating budget and annual financial report.
by OCC Board of Trustees April 3, 2006
and approved by the OCC Board of Trustees June 17, 2014