PURPOSE: To define the functions and responsibilities of Budget Administrators.
The College assigns a Budget Administrator to every budget allocation account established on the College’s general ledger accounting system. Budget Administrators are responsible for monitoring and reviewing all financial and budget transactions occurring within the account they administer. Responsibilities also include budgetary control, budget development, and transactions reconciliation.
Monitoring responsibilities include the requirement to perform periodic review of the account’s transactions on a monthly basis to ensure compliance with the intended funding purpose and spending limit as established by the account’s budget allocation.
The College’s systems operations software (Colleague) provides Budget Administrators and other end-users with the capability to generate a variety of financial monitoring reports from real-time data. Additionally, Budget Administrators have access to a customized budget-to-actual account report, specifically written to assist them with their monitoring responsibilities.
Budgetary control is the assignment of responsibility and the measurement of results to achieve a forecasted goal or objective. Budgetary control at the account level is one of the mechanisms used by the College to advance departmental goals in support of the College’s mission. Account budgets define the amount of fiscal resources allocated in support of these goals.
Budget development at the account level is an integral part of the College’s resource allocation planning process. The budget development process requires Budget Administrators to project the amount of financial resources that will be required to achieve the account’s funding objectives.
Transactions reconciliation is the process of ensuring all transaction records generated from the account’s operations (e.g., original invoices, receipts) correspond accurately to the accounting records the College maintains on its general ledger accounting system. The account transaction records maintained on Colleague represent the official accounting records of the College.