Charter

BUDGET ADVISORY COMMITTEE CHARTER

PURPOSE

The Budget Advisory Committee acts as an advisory body to the Vice President and CFO and the President’s Leadership Team regarding long-term financial planning.  It reviews annual and long-term College budgets and undertakes studies of the College’s resource use.

 RESPONSIBILITIES

  • Advise on the development of budget policies, processes, and calendars to ensure time for governance review and input
  • Facilitate communication to enhance understanding of College resources
  • Provide suggestions to enhance efficiencies, generate revenues and/or reduce costs
  • Research issues necessary to inform the budget development process and recommend funding priorities
  • Review and recommend the overall College budget

BUDGET PLANNING PRINCIPLES                                                                                

The Budget Advisory Committee will:

  • Make evidence-based resource allocation recommendations that are guided by the College’s mission, vision, and strategic priorities
  • Engage in open dialogue, civility and dignity for community members, and respect for diverse perspectives leading to transparent and understandable decisions
  • Promote responsible, prudent and sustainable stewardship of College resources, including our human resources

MEETINGS

The Committee meets several times each semester as budget information is prepared for consideration by the President’s Leadership Team and presentation to the Board of Regents.   The Board of Regents approves the College’s comprehensive fee (tuition, room, and board) at its February meeting.  The Board of Regents approves the preliminary operating and capital budgets at its May meeting.  The Board of Regents approves the final operating and capital budgets at its October board meeting.  The Committee may also meet at other times as necessary throughout the year to inform the budget development work or other financial planning considerations.

MEMBERSHIP

  • Faculty Representatives – three (3)
    Selected by the Faculty Governance  and Faculty Life Committees; staggered terms to be determined by Faculty.
    Consideration to be given to the Associated Colleges of the Midwest Futures Institute participants.
  • Staff Representatives – three (3); Elected by popular vote; at least one (1) each from exempt and non-exempt classifications; staggered three-year terms.
  • Student Representative – one (1) Selected by Student Government Association
  • Vice President and Chief Financial Officer, Chair
  • Provost, exofficio
  • Vice President Human Resources, exofficio
  • Vice President Enrollment, exofficio
  • The Assistant VP for Budgets/Auxiliaries and the Dean of Admissions staff the committee