III.B. Budgeting, Accounting and Reporting
III.B.1. Annual Operating Budget
III.B.1.01 Annual Budget
The System shall construct, adopt and administer its annual budget in accordance with all requirements of law. The budget shall be in conformance with the requirements of the Coordinating Board, and meet the standards of the Commission on Colleges of the Southern Association of Colleges and Schools.
III.B.1.02 Budget Planning
In order to ensure that the System’s budget effectively reflects its goals, programs and activities, and so as to ensure sufficient resources to implement and support them, budget planning shall be an integral part of the System's overall program.
III.B.1.03 Budget Schedule
The Chancellor or designee shall supervise the development of the budget calendar and the specific plan for budget preparation that ensures the appropriate input from all locations and levels of operation within the System.
III.B.1.04 Budget Adoption
An annual budget for the operation of the System shall be approved prior to the beginning of each fiscal year.
The adopted budget shall provide the authority to expend funds for the purposes indicated and in accordance with state law, Board policy and the System's approved purchasing policies and procedures. The expenditure of funds shall be under the direction of the Chancellor or designee who shall ensure that funds are expended in accordance with the adopted budget.
III.B.1.05 Budget Amendment
The adopted budget may be amended by the Board of Trustees at any time during the fiscal year in accordance with the System’s procedures for budget amendments.
III.B.1.06 Budget Availability
After the proposed budget is presented to the Board and prior to its adoption, a copy of the proposed budget shall be available for inspection at the System’s administrative offices during regular business hours.
III.B.1.07 Public Hearing
The annual public hearing on the proposed budget shall be conducted in accordance with law, and as follows:
- Prior to the beginning of the hearing, the Board may establish time limits for speakers and may determine the number of speakers for group presentations;
- The Board President shall request at the beginning of the hearing that all persons desiring to speak should register in advance;
- Speakers shall confine their remarks to the appropriation of funds as contained in the proposed budget; and
- No officer or employee of the System shall be required to respond to questions from speakers at the hearing.
LSCS Policy Manual Section adopted by the Board of Trustees on August 7, 2008
III.B.2. Financial Reports and Statement
III.B.2.01 Finance Reports and Statements
Periodic financial and budget reports shall be submitted to the Board outlining the progress of the budget and reporting on the status of all System funds and System accounts. These financial and budget progress reports shall indicate all receipts and their sources for the period, expenditures and their classification for the period, and the various fund balances at the beginning and the end of the period.
LSCS Policy Manual Section adopted by the Board of Trustees on August 7, 2008
III.B.3. Payroll Procedures
III.B.3.01 Payroll Procedures
Paydays will be established by the Chief Financial Officer. If the payday falls on a weekend, holiday, or other non-business day, payday shall be the business day prior.
Generally, full time employees will be paid on a semi-monthly basis. As an alternative, faculty employees contracted for 9 months may request a schedule of 18 equal payments. This request must be submitted in writing within two weeks of beginning work, or of the new contract period.
The System has a mandatory direct deposit program. All employees must receive their pay by direct deposit to a bank account of their choice or a Direct Pay Card.
LSCS Policy Manual Section adopted by the Board of Trustees on August 7, 2008
III.B.4. Salary Deductions and Reductions
III.B.4.01 Salary Deductions and Reductions
Routine payroll deductions from the salaries earned by System employees shall be made where required by law, or authorized in writing by the employee through the System Human Resources Department. A list of optional salary deductions can be obtained from the System Human Resources Department.
LSCS Policy Manual Section adopted by the Board of Trustees on August 7, 2008
