FMPM 830 Budgets

Print Friendly and PDFPrint Friendly

Budgets

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

Director, Financial and Business Services

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

Budget

Policy

Requirements

  • Each year the Deputy Vice Chancellor, Services and Resources and Director, Financial and Business Services 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 Management Policy .
  • 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 Director, Financial and Business Services, 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 Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

08/2016

Revision History

NOTE: A minor amendment will not result in a change of the next major review date.

Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment

Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect

Version

Approval date

Implementation date

Details

Author

17-207/12/201707/12/2017Minor amendment to align with current organisation structureQuality, 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

 

There are no related procedures.

There are no other related documents.