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Committees:
Fiscal Advisory
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FISCAL ADVISORY
Orientation
Guidelines for the Fiscal Advisory Committee
The
committee will utilize the Financial and Communication Outline to guide
the schedule and agenda of meetings. The committee typically meets
during the fall, winter, and spring terms. However, the committee may
be called at any time, if need arises.
Meetings
are conducted in the fall of each year primarily to:
-
The chair of the
committee the previous year should call the first meeting
-
If last year’s chair is
no longer on the committee, the chair should select a continuing
member to call the first meeting
-
Become knowledgeable about
the internal and external information related to the fiscal status of
the University’s operating and capital budgets, receiving information
such as:
-
Closing information from
the previous year
-
Opening statement for the
current year
-
Revenue/costs variation
from the previous year
-
Preliminary information
for the next budget year
-
Tuition and fees proposal
for the next budget year
-
Send out requests for one
time, non-recurring funding (supplemental funding) to the Vice
Presidents with carbon copies to the presidents of the University
governing bodies (University Forum, Faculty Senate, Staff Senate, and
Student Government Association)
-
Solicit information related
to the next fiscal year operating budget in order to provide a
recommendation for funding to the President’s Administrative Council.
Meetings
are frequently conducted during January when it may be necessary to act
on information provided in late December by the University System of
Maryland, of the Legislature. Supplemental funding requests are due to
the chair of the Fiscal Advisory Committee by January 31. Requests for
increases to operating budgets are usually due mid-March, and the
committee should review the priorities set by the Vice Presidents and
make non-binding recommendations of overall institutional policies to
the Executive Staff.
During the
spring, the committee receives:
-
Update on the first half of
the year
-
Status updates on capital
projects and auxiliary operations
-
Preliminary updates for
Spring enrollment/revenue
By the end
of April, the committee should:
-
Compile supplemental
funding priorities
-
Make recommendations for
supplemental funding assuming:
-
Recommendations are
consistent with the University’s long range planning
-
Recommendations are for
one-time, nonrecurring expenses that will not require additional
allocations to operating budgets for their continued support
-
Submit the recommendations
to the President’s Administrative Council, with carbon copies to the
Presidents of the University governing bodies (Forum, Faculty and
Staff Senates, and Student Government Association)
By the end
of May, the committee:
-
Receives opening position
statements for the next fiscal year
-
Reviews and comments on a
proposal submitted to the committee for the next fiscal year operating
budget
-
Provide an annual report to
the Salisbury University Forum that summarizes the fiscal activities
for the year.
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