Accounting Procedures Handbook

9 BUDGET PROCESS I. OVERVIEW The Board’s Budget Committee has the overall responsibility for establishing direction for the Superintendent and staff relative to the budget process for each fiscal year. The budget process lays the foundation for the major aspects of the WCBOE’s financial, accounting and reporting processes and activities. The budget process includes various stages of activities each inter-connected and vital to effective financial administration and control for the WCBOE. The Finance Department, and Budget Manager, more specifically, plays the central coordinating role for the major budget activities of the WCBOE. The Comptroller plays the primary oversight role as related to these activities from the management standpoint. The Grants Accountant provides the Budget Manager with required information and data related to Grants as part of the overall budget process. The primary functional responsibilities of the Budget Manager with respect to the budget process include the following: • Operating Budget Development • Consolidated Budget Development • Budget Transfers • Budget/ Actual Expenditure Review • Monthly Reporting • Annual Master Plan Update • Budget Report Page on WCBOE website • Transparency Portal – Monthly Financial Reports on WCBOE website These topics are covered in more detail in Sub-Section III (Procedures) of this section of the manual. II. CONTROL OBJECTIVES The primary control objectives of the budget process are: • To ensure effective coordination of the budget process with all WCBOE constituents. • To ensure proper and timely approvals are obtained for the annual budget process. • To ensure the approved budget is implemented in a timely and accurate fashion. • To ensure budget transfers are properly authorized and recorded. • To provide effective ongoing monitoring of, and follow up on, budget vs. actual expenditures to ensure optimum utilization of approved budget allocations (i.e. minimization of shortfalls/ overages). • To provide accurate and timely ongoing budget related reporting to allow for effective monitoring and oversight to the budget process by appropriate WCBOE constituents throughout the year. III. PROCEDURES A. Comptroller meets with the Board’s Budget Committee to establish an overall budget development strategy timeline and priorities.