Charter


BUDGET ADVISORY COMMITTEE
COMMITTEE CHARTER

 

PURPOSE 

The Budget Advisory Committee (BAC) acts as an advisory body to the Vice President/CFO and the President’s Leadership Team and facilitates collaborative discussion and communication among the College’s faculty, staff, and student constituencies regarding long-term financial planning.  The BAC reviews annual and long-term College budget projections and undertakes studies of the College’s resource use.  It makes recommendations and provides input to key decision makers.

RESPONSIBILITIES

  • Advise on the development of budget policies, processes, and calendars to ensure timely 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 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 human and physical resources

MEETINGS and COMMUNICATION

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 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 Board of Regents also approves the College’s comprehensive fee (tuition, room, and board) for the next Fiscal Year at its October 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.  

A three-person team that includes a BAC faculty member, a BAC staff member, and the VP/CFO will collaborate to set meeting agendas, identify supporting information to be presented at meetings, and determine the content of documents that communicate with the St. Olaf community.

MEMBERSHIP

  • Faculty Representatives – three (3)
          Selected via the Faculty Governance election process; staggered three-year terms
  • 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, ex officio
  • Vice President Human Resources, ex officio
  • Vice President Enrollment and College Relations, ex officio
  • The Assistant VP for Budgets/Auxiliaries and the Dean of Admissions and Financial Aid staff the committee