BUDGET ADOPTION AND MANAGEMENT

The Board of Trustees shall adopt an annual budget in accordance with requirements set forth by Wyoming Statutes, the Wyoming Community College Commission and the Wyoming Department of Administration and Information.  The College shall demonstrate a budget planning process which allows adequate time for data gathering and input from employees, the public and the Board of Trustees.

The policy requires the College to adhere to a fiscal year that shall commence on the first day of July and end on the thirtieth (30^th) day of June each year.  It is understood that the federal fiscal year is October 1 through September 30.

The Board of Trustees places the responsibility for administering the annual budget with the College President.  It is the expectation of the Board that all College employees with budget management responsibilities shall fully comply.

The Trustees also require the College to:

• Adhere to all State of Wyoming budget fiscal rules to maintain proper budget management practices.
• Develop and adhere to processes and procedures for: budget allocations, transfers and reconciliation practices.
• Seek Board of Trustees’ approval for the annual budget and any variance or request for additional funds.
• Demonstrate that budgetary allocations support and enhance the College’s strategic planning priorities.

Definitions

Annual budget – Western’s projected income and expenses for a 12-month period. The process sets forth anticipated revenues and expenditures for the fiscal year. It is the legal basis for the establishment of tax rates and the document which describes in financial terms the programs and operations to be conducted during the fiscal year by the College. A budget is required for every fund the district utilizes.

Variance - The difference between an actual amount and a budgeted, planned or past amount.

Adopted: July 19, 1989
Reformatted:  April 28, 2010
Revised:  June 13, 2013
Revised: April 8, 2021

Procedure 3120A

BUDGET ADOPTION AND MANAGEMENT

This procedure outlines the process that all College employees with budget management responsibilities shall follow to remain in compliance with College Policy, Wyoming Revised Statutes and the requirements of the Wyoming Community College Commission (Commission) as it pertains to public institutions budgets and state aid requests.

Definitions

Annual budget - sets forth anticipated revenues and expenditures for the fiscal year. It is the legal basis for the establishment of tax rates and the document which describes in financial terms the programs and operations to be conducted during the fiscal year by the College. A budget is required for every fund the district utilizes.

Federal fiscal year - October 1 through September 30.

Fiscal year for Wyoming community colleges - July 1 through June 30.

Budget Planning
The President (Chief Budget Officer) will submit a budget calendar to the Board of Trustees in January of each year. The calendar will provide for the involvement of employees through their submission of budget requests to their immediate supervisors, who in turn will submit approved requests to the Chief Budget Officer, through the Vice President for Administrative Services.

The calendar will also provide budget workshops involving the Board of Trustees and for a public hearing to obtain citizen input.

The Chief Budget Officer and Vice President for Administrative Services shall forecast and set general fund revenue and expense budgets for the next fiscal year. A variety of factors shall be considered, i.e., enrollment projections, anticipated state aid, local revenue projections, and salary/benefit projections to set a proposed overall expense budget. This draft is proposed to the President’s Cabinet for review and approval. Once approved by Cabinet, the budget is prepared according to the following process:

• First, the business office shall provide historical spending for operating expenses as a basis for context for potential current year requests.
• Second, the remaining expense budget is allocated to strategic priorities not previously accounted for.
• Third, the Vice President for Administrative Services compares department allocations to previous years’ spending patterns and projected expenditures on strategic plan priorities. Based on those comparisons, the Vice President for Administrative Services may suggest changes in allocations or develop different scenarios for Cabinet to consider. Following Cabinet feedback, the Vice President for Administrative Services produces a final scenario for Cabinet approval.
• Fourth, the Vice President for Administrative Services produces detailed budget templates for each vice president’s leadership team to allocate funds based on several factors, including staffing changes, specific program enrollment projections, and college strategic priorities. Budget for other locations is allocated from the budget that oversees that location. The Vice President for Administrative Services reviews each vice president’s final template to ensure it fits within the allocated budget.

Use of a budget template process shall ensure that expenses do not exceed revenues and that financial resources are sufficient to support operations wherever and however programs are delivered. The College also uses guiding principles to develop and manage the general fund budget.

Adopted: July 19, 1989
Reformatted: April 29, 2010
Revised: April 8, 2021