The Board shall adopt each year a budget for the education, operations and maintenance, building restricted, auxiliary, liability protection settlement, audit funds, and other funds which may be available to the college. Such budget shall be adopted no later than September 30 of each year. The Board shall also adopt at the same time budgets for such restricted funds which begin with the fiscal year and are known at the time of adoption of the budget document. Copies of the budget shall be made available for public inspection in the learning resource center and the business office of the college for a period of thirty days prior to the budget hearing, which shall be held immediately prior to the adoption of the budget by the Board of Trustees. The Board may amend the budget at any time during the fiscal year, following the required provisions of the Illinois Public Community College Act governing such amendment.
Within each fund, the President or his designee may authorize transfers of budgetary authority between line items of the budget so long as the aggregate budget amount adopted by the Board is not exceeded and so long as total transfers do not exceed 10% of the aggregate budget of the specific fund.
Where the Board accepts grants or other restricted monies after the adoption of the budget, the administration shall establish at the time of acceptance a restricted fund budget for the specific grant.
Copies of all current budgets adopted by the Board shall be made available for public review on the College’s website. Copies of the budget shall be provided to the ICCB, the County Clerks of Kankakee, Livingston, Iroquois, Grundy, Ford and Will Counties and such other officials and agencies as may be required by law or regulation.
Fund Balance
Fund balance is the balance of a fund after all liabilities have been deducted from the assets of the fund. The goal is to establish and maintain a general fund balance of thirty-five percent of operating expenditures. In the event the balance falls below twenty-five percent, based on audited data, the administration shall develop a plan to restore the fund balance to its goal of thirty-five percent. The plan shall be submitted in conjunction with the proposed budget for the ensuing fiscal year.