College CFO: MCC’s budget planning centers on success
Recently, there has been a great deal of attention paid toward McHenry County College’s budgeting process and perceived “shortfall.” All budgeting processes can be complex, so I think it is important to clarify some key points and alleviate the recent misrepresentation of the college’s budget.
Budgeting philosophy: It is best practice to think of a budget as a bottom line, total number, rather than one line within the total budget. Just as with an individual’s own budget or checking account, the college looks at what it has in savings, as well as what has been approved to spend. When a fund is down, the institution then looks at how to adjust its expenses so as not to overspend. This analysis takes place on an ongoing basis throughout the year to maintain fiscal responsibility of funds.
For our fiscal 2013 budget (July 1, 2012, to June 30, 2013), there was a larger beginning fund balance in order to transfer funds into the following areas, per the Board of Trustees’ directive:
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