Budgeting And Planning Process Paper

1490 Words3 Pages

Introduction
The purpose of this paper is to describe and provide an overview of the budgeting and planning process for Valencia College.
Overview
The budget and planning process at Valencia College is an annual process where the college sets aside time to discuss and reflect on their priorities and decisions for the upcoming year. Conducting an annual budget planning process allows Valencia the flexibility and ability to adjust to the changing needs and demands over time. It also requires college-wide accountability.
The Presidents of each of the campuses are responsible for managing capital budgets and creating operating budgets. Once the budget has been completed, the President then submits it to the College-wide President and the Board of Trustees for review. The Board then provides recommendations on revenue and expenditures and how resources should be allocated.
Valencia College takes a measured approach with regard to forecasting revenues based on the external environment and unknown variables. In the event that savings are achieved, those funds can be used to improve academic programs and to meet the needs within other areas at the college.
Valencia begins the budget planning process each year in August. Each division of the college is responsible for the development of their individual budgets for the upcoming fiscal …show more content…

Good budgeting is a broadly defined process that has political, managerial, planning, communication, and financial dimensions. The following definition recognizes the broad scope of the budget process and provides a base for improvement of the budget process. The budget process consists of activities that encompass the development, implementation, and evaluation of a plan for the provision of services and capital assets. A good budget process is characterized by several essential features. A good budget

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