Texas Tech University

 

[New OP–initial posting 5/30/14]
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Operating Policy and Procedure

OP 62.32: Budget Adjustments to the Annual Operating Budget

DATE: May 30, 2014

PURPOSE: The purpose of this Operating Policy/Procedure (OP) is to set forth the general policy and procedures for processing revisions to the current operating budget.

REVIEW: This OP will be reviewed in January of even-numbered years by the Assistant Vice President for Budget and Resource Planning and Management with substantive revisions forwarded to the Vice President for Administration and Finance and Chief Financial Officer (VPAF/CFO).

POLICY/PROCEDURE

Section 07.04, Regents' Rules, governs the budgetary controls of the institution.

A budget revision request should be submitted through the Budget Revision System. The Budget Revision System Comprehensive User's Guide provides detailed instructions for using the Budget Revision System.

Required approvals for budget revisions are outlined below:

Approval Action
Fund Financial Manager Revisions utilizing prior year fund balance
Organization Financial Manager Revisions where overall expense budget is changing
Area/Division Vice President Revisions for any FOP whose expense budget is being decreased
Vice President for Administration & Finance Revisions increasing the operating budget on state
FOPs and for all adjustments from $250,000 to
$1,000,000
Vice President for Administration & Finance Board of Regents Revisions increasing the operating budget from
$1,000,001 or more
Sponsored Programs Accounting and Reporting Revisions utilizing transfers, revenue, or fund balance on a grant fund
Financial Services and Tax Revisions utilizing transfers
Budget & Resource Planning & Management For all permanent revisions, transfers, revenues, and fund balance

 

The approval of any agreement or contract, in accordance with Section 07.12.1, Regents' Rules, constitutes authority to establish a maximum budget that does not exceed the amount of the approved agreement or contract.

Operating Policies & Procedures