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Lt. Col. Irma Bailey
Comptroller

Ph: (540) 464-7270
Fax: (540) 464-7794

Smith Hall, 3rd Floor
Virginia Military Institute
Lexington, Virginia 24450

Contact Comptrollers Office

Budget Policies

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.

Section 65000

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.