The Chancellor will align financial and strategic planning and provide an economic analysis and recommendation to the Governing Board annually regarding tuition and fees for the subsequent fiscal year.
AMENDED: September 24, 2024, Governing Board Meeting
TECHNICAL CHANGES APPROVED June 27, 2023 Governing Board Meeting
AMENDED: June 28, 2022, Governing Board Meeting
AMENDED: October 22, 2013, Motion No. 10112
AMENDED: February 22, 2011, Motion No. 9781, 9782
Chancellor Interpretation
I interpret this policy to mean that that the financial planning and budgeting decision-making process will align with the strategic plan 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 ensure 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 year.
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.
Finally, I interpret this policy to mean that the Chief Operating Officer (COO) will annually analyze or cause to have analyzed tuition and fee rates based on average changes in the Higher Education Price Index, or more relevant index as applicable. The analysis and resulting recommendation(s) will be reported to the Governing Board as a component of the annual Tuition and Fee adoption process.
AMENDED: September 24, 2024, Governing Board Meeting
TECHNICAL CHANGES APPROVED June 27, 2023 Governing Board Meeting
AMENDED: June 28, 2022, Governing Board Meeting
AMENDED: May 22, 2018, Motion No. 10567
REVISED: November 26, 2013