Operating Budget Development and Monitoring

600.101 OPERATING BUDGET DEVELOPMENT AND MONITORING

A. DEVELOPMENT

In accordance with board policy MV4: Opportunity, and Northwest Commission on Colleges and University (NWCCU) accreditation standards, Wenatchee Valley College will develop and monitor annual operating budgets that are based on reasonable estimates of revenues and expenditure, consider relevant external factors, support the strategic plan and objectives, and on a schedule that allows for constituent review and input.

B. FINANCIAL PLANNING

The president is bound by board policy EL6, Financial planning to use credible projections and provide for unrestricted reserve funds. The operating budget process will also meet those requirements.

C. BUDGET COMMITTEE

Ultimately, the president is responsible to meet board policies and NWCCU standards related to fiscal stewardship. The president shall establish a budget committee that is reflective of the campus community to review, provide input and communicate with the campus on budgetary issues. The committee shall meet as necessary to comply with the budget development schedule.

D. DEVELOPMENT SCHEDULE

Operating budget development is influenced by the state of Washington legislative process, which may force adjustments to the schedule. When the legislative process delays the final approval past the end of the fiscal year, the board may extend the current budget via a continuing resolution. Once the legislative budget is formalized, a final budget will be presented to the board within 60 days and presented at the first opportunity to the campus community as a whole.

The budget committee will begin meetings in the fall quarter, with a review of the current budget after fall quarter enrollment and fiscal impacts are available. Updated analysis of the Governor’s budget proposal in mid-December and legislative issues will be presented at the beginning of the winter quarter. First drafts of the budget for the upcoming year will be presented prior to the end of the winter quarter. A final draft will be presented to the campus community in the spring quarter with adequate opportunity for input and modification. First reading by the board will be at the May meeting, with final approval at the June meeting.

Departments will begin developing upcoming fiscal year budgets that tie to strategic plans and objectives during fall quarter for review by the vice president or designee of each area. These will be consolidated into a draft overall operating budget for presentation to the budget committee who will provide input. After considering input from the budget committee and campus presentations, the budget will be forwarded to the president or designee for board consideration. The board may request the budget be presented in a different format for executive review; however, the total revenues and expenditures must match what was presented to the campus in final form.

E. MONITORING

The current year operating budget will be monitored regularly and reported no less than quarterly to the board. Significant deviations and negative impacts on the approved budget will be communicated to the board immediately. A report detailing actual and policy designated reserve levels shall be presented to the board when the final budget is approved.

Approved by the president’s cabinet: 1/14/26
Adopted by the board of trustees: 2/18/26
Last reviewed: 2/18/26
Policy contact: Administrative Services

Related policies and procedures
None identified at this time