Budget

Budget Overview

HCTC has a defined budgeting process that relates the budget to the College's Strategic Plan and involves broad institutional input. HCTC is a member of KCTCS created by Kentucky Post Secondary Education Improvement Act. The Kentucky General Assembly allocates funds to KCTCS for its member colleges in Kentucky on a biennial basis. The HCTC budgeting process follows a budget calendar to meet deadlines of KCTCS and the Commonwealth of Kentucky 's budgeting process. The college also follows guidelines described in the KCTCS Budget Procedures Manual in order to cooperate with KCTCS in the development of the overall system budget. The college begins the budgeting process in November with each vice president developing a needs list with input from all faculty and/or staff in his or her area. The lists are then submitted to the Leadership Team, which consists of the representatives of various units of the college. The President and the Leadership group review the budget need requests and prioritize the requests to present to the College's local Board of Directors for review and recommendation to KCTCS. Revenue estimates are established by (1) estimated state allocations to be received by KCTCS for HCTC based upon a public funding model, (2) estimated tuition revenue is based upon prior year enrollment and a tuition rate established by KCTCS, (3) Sales and Services based on prior performance and, (4) anticipated gifts and grants based on prior performance. Once revenue estimates are approved by the KCTCS Board of Regents, the College develops a budget proposal with allocations in accordance with the earlier approved priorities. This budget proposal is presented to the local Board of Directors for review and approval of a recommendation that the budget be incorporated into the KCTCS budget to be presented to the KCTCS Board of Regents for review and final approval.

Budget Centers

The Business Office at HCTC and Business Services of KCTCS have responsibility for overall budget control within the College, including responsibility to call attention to major departures from budget allocations and to take appropriate follow-up actions. The unit budget managers, however, have the primary responsibility for their accounts and must ensure that expenditures in their areas do not exceed budget allocations and are in accordance with state and federal law and KCTCS policies and procedures. At the beginning of the fiscal year, each budget manager receives a copy of his or her annual budget, and during the year the budget manager receives weekly budget reports to review for appropriate expenditures and to monitor that the activity is in line with budget plans. Each month an Executive Report is also sent to the President and Vice Presidents of the current budget allocations.

KCTCS Business Procedure Manual 6.1 Budgets