Board Governance Policies

A.2.5.16 Approval of Annual Budget

Approved/revised: October 10, 1995

   POLICY

As soon as possible in each fiscal year, the President will present to the Board for approval an Annual Budget.

The Annual Budget will provide a clear overall view of projected revenues and expenditures for that year.  The expenditures will be based upon an Operating Plan which explains the level of programs and services to be provided.

Once the Annual Budget is approved, the President will inform the Board of any substantial deviations from revenue or expenditure projections, and of any significant modifications to the Operating Plan.