NOTICE TO READER:
Segments of this document in bold, italic print represent policy which can be changed only by authorization of the VMI Board of Visitors. All other segments represent procedures which may be changed by authorization of the Superintendent.
TABLE OF CONTENTS
65100 Adoption of Annual Operating Budget
65200 Budget Amendments
65300 Maximum Employment Level
65400 Budget Transfers
65500 Budget Performance Reports
65100 Adoption of Annual Operating Budget [Return to top]
By 30 May of each year, the Board of Visitors shall adopt an annual operating budget (the “Budget”) setting forth the revenues and expenditures for Virginia Military Institute for the upcoming fiscal year. The Budget shall reflect revenues and expenditures by operating programs consistent with the State’s budgeting system and include the total budgeted revenues and expenditures for all programs. The Budget shall be the Institute’s spending plan for said fiscal year. Actual spending shall not exceed the total budgeted expenditures or the revenues available to support such spending.
65200 Budget Amendments [Return to top]
The Board of Visitors may amend the Budget during the fiscal year for unanticipated revenues and for increases to budgeted expenditures as considered necessary.
65300 Maximum Employment Level [Return to top]
The Budget shall establish the number of full-time positions that are budgeted for the fiscal year. This becomes the maximum employment level (MEL). If it becomes necessary to hire a person or persons above the MEL, then the Superintendent may hire such person(s) on a temporary basis for a period not to exceed 120 days. Such hires are subject to the availability of funding within the Budget and their employment will expire at the end of 120 days unless the Board subsequently approves an amendment to the Budget that increases the MEL accordingly.
65400 Budget Transfers [Return to top]
The Superintendent and the Deputy Superintendent of Finance, Administration and Support are authorized to make budget transfers within operating programs and between operating programs subject to State laws and regulations and the restrictions placed on funds or otherwise placed on this authority by the terms of the Budget. The Superintendent and the Deputy Superintendent of Finance, Administration and Support may delegate this authority to others.
65500 Budget Performance Reports [Return to top]
The Administration shall provide Budget Performance Reports to the Audit, Finance and Planning Committee at each meeting of the Board. The reports shall compare actual to budgeted revenues and expenditures and explain significant differences.