Section 6A-14.0716 - Florida College System Institution BudgetsEach fiscal year, each Florida College System Institution shall prepare a budget in such form as prescribed by the State Board of Education for the Current Unrestricted Fund. A copy of the budget approved by the board of trustees shall be submitted to the Chancellor, as designee of the Commissioner of Education, by June 30 or on a later date established by the Chancellor. The original or facsimile signature of the president shall certify board approval.
(1) The Chancellor, as designee of the Commissioner of Education, shall review the operating budget for each Florida College System Institution after an examination for completeness, correctness, conformity with law and State Board of Education rules, and preparation according to accepted accounting standards. Anticipated budgeted revenues shall be reasonable and transfers from general current funds shall not handicap current operations. A contingency reserve is authorized in the general current fund.(2) Until a budget is approved, ordinary expenses may be paid at the same monthly rate as budgeted for the preceding year.(3) Boards of trustees are authorized to amend budgets. Amended budgets are required to be in compliance with laws, rules and accepted educational accounting standards. Boards of trustees may, by rule, delegate authority for approval of budget amendments except as provided in subparagraphs (3)(b)1. and 2. of this rule. (a) Budget amendments approved pursuant to the authority granted in this subsection may reallocate funds between organizational units of a fund and between general ledger object and class codes.(b) The following budget amendments require review by the Chancellor: 1. Transfer of funds from the Current Unrestricted Fund.2. Amendments which cause the unencumbered fund balance to be inconsistent with the statutory guidelines specified in Section 1011.84(3)(e), F.S.(c) Overdrafts shall not be created in any fund or depository account.(d) Salary deductions shall be made as required by law or as authorized by the board of trustees and approved in writing by the employee, and shall be remitted promptly.(4) Each fiscal year, as a part of the official budget, each Florida College System Institution board of trustees shall adopt a capital outlay budget for the capital outlay needs of the college for the entire fiscal year. This budget shall designate the proposed capital outlay expenditures by project for the year from all fund sources. Separate project accounts shall be kept in the Unexpended Plant Fund for all capital outlay projects.Fla. Admin. Code Ann. R. 6A-14.0716
Rulemaking Authority 1001.02(1), 1010.01, 1010.02, 1011.01, 1011.30 FS. Law Implemented 1010.01, 1010.02, 1011.01, 1011.30, 1011.84, 1013.61 FS.
New 9-30-96, Amended 7-20-04, 6-20-07, Amended by Florida Register Volume 42, Number 110, June 7, 2016 effective 6/23/2016.New 9-30-96, Amended 7-20-04, 6-20-07, 6-23-16.