Montana Code 20-15-312. Review and approval of annual operating budget
20-15-312. Review and approval of annual operating budget. (1) Annually by August 15, the board of trustees of a community college shall submit an operating budget to the board of regents for their review. The operating budget of the community college must be submitted in a manner prescribed by the board of regents and include at a minimum:
Terms Used In Montana Code 20-15-312
- Board of regents: means the board of regents of higher education created by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1505. See Montana Code 20-1-101
- district: means the territory, regardless of county boundaries, organized under the provisions of this title to provide public educational services under the jurisdiction of the trustees prescribed by this title. See Montana Code 20-6-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Property: means real and personal property. See Montana Code 1-1-205
- Regents: means the board of regents of higher education. See Montana Code 20-1-101
- Trustees: means the governing board of a district. See Montana Code 20-1-101
(a)detailed revenue and expenditure estimates for the current fiscal year and actual revenue and expenditure reports for the most recently completed fiscal year in all funds and subfunds;
(b)a list of any property tax levies for the current year, displaying the amount to be raised in dollars and mills and any applicable statutory limitations; and
(c)the percentage of the proposed current fund budget funded by local property taxes.
(2)The board of regents shall review and approve the proposed total operating budget and all its components, ensuring the proposed budget complies with applicable laws and accounting standards. The board of trustees of a community college district shall operate within the limits of the operating budget approved by the board of regents.