Accounting Procedures Handbook

9 BUDGET PROCESS D. Budget Transfers 1. Receipt of Budget Transfer Requests: Authorized individuals from schools and departments responsible for budget management submit requests to transfer funds on an as needed basis. Requests are made using the Budget Transfer Request screen in BusinessPlus. Requests follow workflow to obtain all the appropriate approvals ending with the Budget Manager for posting and/or submission to the Board or County Council if such approvals are needed. 2. Preparation of Proposed Requests: Compile Proposed Budget Transfer Report for submitted requests. Report only includes those that will need either Board or County Council approval. 3. Preparation of Board Agenda Item: The Secretary to the Comptroller prepares Board Agenda Item using Board Docs for the monthly Board meeting, to accompany requested budget transfers submitted on the Budget Transfer Report for their approval. 4. Reporting: Approval levels are determined as follows: • Transferring funds within same category and object but between sub-objects needs Comptroller approval. These are not listed on the Budget Transfer Report. • Transferring funds within same category but between objects needs Board approval only. These are included on the Budget Transfer Report. • Transferring funds between categories needs Board and County Council approval and are included on the Budget Transfer Report. • Note: Instruction is broken into three categories: Instructional Salaries and Wages Textbooks and Instructional Supplies Other Instructional Costs The transferring of funds between these areas, even though it is still within instruction, constitutes a movement between categories and requires Board and County Council approval. • Upon approval by the Board, the Secretary to the Comptroller prepares a letter to County Council (as applicable/ necessary) for their review/ approval of requested transfers. • The Comptroller attends the County Council meetings (re: budget transfers) and notifies the Secretary to the Comptroller that applicable transfer requests were approved. The Secretary then prepares a formal memo to Board Members reporting on the approved requests. 5. Posting Approved Requests: Upon receipt of formal budget transfer approvals, the Budget Manager posts applicable budget transfer requests to the G/L Accounting System. E. Budget/ Actual Expenditure Review 1. Perform Budget/ Actual Variance Analysis: Review account balances. Discuss deficits with Supervisors/ Directors and