555, Budgeting and Budget Control

555.1. Purpose

To define budgeting and budget control policies and procedures for the USHE Office of the Commissioner.

555.2. Approval

Utah Board of Higher Education approval: January 11, 2012. Revised: June 8, 2016; March 23, 2017; September 13, 2017.

555.3. Budget Preparation, Approval, and Modification

3.1 Budget Officer: The Assistant Commissioner for Planning, Finance, and Facilities shall serve as budget officer for the USHE Office of the Commissioner.

3.2. Budget Preparation: Prior to June 1 of each year, the budget officer, in consultation with executive staff, shall prepare and submit to the USHE Commissioner a proposed budget for the new fiscal year.

3.3. Budget Approval: After review and approval by the USHE Commissioner, the proposed budget shall be submitted to the Utah Board of Higher Education for final approval prior to the beginning of each fiscal year.

3.4. Budget Modification or Revision: The USHE Commissioner may authorize budget changes between expense categories of up to $10,000. New full-time employee positions and any budget changes greater than $10,000 require a majority vote of the Board of Higher Education in any regular or special meeting.

3.5. Expenditure of Fund Balance: The USHE Commissioner may authorize the expenditure of unexpended funds carried over from prior years for amounts up to $10,000. Amounts greater than $10,000 must be authorized by a majority vote of the Board of Higher Education in any regular or special meeting.

3.6. Grants and Other Restricted Funds: Occasionally, the USHE Office of the Commissioner is a recipient of grants, donations, and other funds designated for specific purposes. The Commissioner’s office staff is responsible for ensuring these funds are spent appropriately and as intended. These funds will be reported to the Board of Higher Education as information items if not included in the approved annual office budget.

555.4. Budget Controls

4.1 Expenditure Approval: Expenditures from any budget category must be approved by the USHE Commissioner, budget officer, or any employee designated by the USHE Commissioner as a budget manager for a particular budget category from which the expenditure is requested. UTAH SYSTEM OF HIGHER EDUCATION Number: 555 POLICIES Date: September 13, 2017 Page: 2 of 2 Subject: Budgeting and Budget Control

4.2. Monthly Review: Revenue and expenditures shall be reviewed at least monthly by the USHE Commissioner and budget officer.

4.3. Over-Expenditure: No expenditure may be approved for any budget category which exceeds projected revenue, except as specified in 3.5 above.

4.4. Zero-Base Budget: Except as required by state or federal law or grant requirements, all budgeting for the USHE Office of the Commissioner shall be zero-based.

4.5. Budget/Financial Reports: A report detailing revenue and expenditures for all budget categories and an investment report reflecting cash and investment balances as of the month most recently ended shall be presented to Board members in all regular meetings of the Board.