Policy University Management FMPM 800 - FMPM 899 - Financial Management and Control FMPM 830 Budgets
FMPM 830 Budgets
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Intent
To set out the requirements regarding the preparation, approval and monitoring of budgets within the University.
Scope
Function | Responsibility Of |
---|---|
Preparation of a triennium budget and revised budget | Deputy Vice Chancellor, Services and Resources and Chief Financial Officer |
Recommendation of triennium budget and revised budget to Finance Committee and Council | Vice Chancellor |
Review and recommendation of triennium budget and revised budget to Council | Finance Committee |
Approval of triennium budget and revised budget | Refer to Financial Delegations Register |
Monitor actual performance against budget | Finance Committee |
Control expenditure in accordance with budget | Council |
Responsibility for management of Divisional budgets | Relevant member of the Senior Executive |
Definitions
Policy
Requirements
Each year the Deputy Vice Chancellor, Services and Resources and Chief Financial Officer are responsible for preparing a triennium budget, covering all sources of funding to the University.
The triennium budget must include an income and expense statement, balance sheet, cashflow statement and capital and infrastructure plan.
The triennium budget must be consistent with the University’s planning requirements established under the Planning and Performance Framework.
The Vice Chancellor is responsible for recommending the triennium budget to Finance Committee and Council.
Finance Committee is responsible for reviewing the triennium budget, recommending the triennium budget to Council for adoption, and monitoring actual performance against the Council approved budget.
Each year Council must adopt a triennium budget for all funds of the University and control the expenditure of the University so that it conforms as nearly as practicable to the approved budget.
The relevant member of the Senior Executive has responsibility for management of Divisional budgets.
A revised budget for the current budget year may be prepared by the Deputy Vice Chancellor, Services and Resources and Chief Financial Officer, during a budget year. Council approve any budget amendments upon recommendation from the Vice Chancellor and Finance Committee.
For enquiries in relation to this FMPM Policy please contact budgeting.reporting@jcu.edu.au
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 08/2018 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
17-2 | 07/12/2017 | 07/12/2017 | Minor amendment to align with current organisation structure | Quality, Standards and Policy |
17-1 | 19/01/2017 | 25/01/2017 | Minor amendments to align with current organisation structure and current delegation practice | Quality, Standards and Policy |
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
03-01 | 10/2003 | 10/2003 |