Financial planning for any fiscal period may not deviate from the Board's Outcomes priorities, risk fiscal jeopardy, and/or fail to be derived from a multi-year strategic/operating plan focused on Outcomes achievement.
AMENDED October 22, 2013, Motion No. 10112
AMENDED February 22, 2011, Motion No. 9781, 9782
I interpret this policy to mean that that the financial planning and budgeting — decision-making process will align with the Governing Board Outcomes to ensure implementation and monitoring at a level with expected performance and within the established financial goals for the institution. Further, the monthly, quarterly and annual finance reports to the Governing Board will provide evidence that by establishing and monitoring specific and measurable financial strategic goals on a coordinated, integrated basis, we enable the Maricopa Community Colleges to operate efficiently and effectively to insure financial viability and stability.
In addition, I interpret this policy to mean that expenditures will not occur in any fiscal year of more funds than are conservatively projected to be received or carried forward in that period.
I will maintain a General fund balance of at least ten percent of projected General Fund revenues and address the identification and pursuit of new and existing revenue sources, and enhancement of cost-effectiveness, as part of multi-year planning.
AMENDED May 22, 2018, Motion No. 10567
REVISED November 26, 2013