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Budget Committee

Role

The purpose of the Budget Committee is to provide advice to the President regarding detailed budget plans. The Committee through the Chief Financial Officer (VPBAA) prepares consolidated budget working papers, based on proposals received from all VP’s, Deans, Directors, Department Chairs, and Budget Managers. The Committee’s roles are to:

  • Review Budget submissions to ensure that the funding requested supports proposed program objectives and activities in accordance with CMI’s goals as indicated in the periodic plans of the institution.
  • Recommend funding allocations based on the Annual Prioritized College-Wide Action Plan of the institution and on annual program performance and evaluation, which includes expenditure history and a review of current as well as projected needs; and
  • Refine and balance the Budget based on the college priorities in times of inflation or if the resources are not sufficient enough to cover all departments’ requests.
  • Ensure that budget policies and guidelines are applied fairly to the operational needs of the departments and in accordance with the mission and goals of the College. For capital property items, the Committee consults with the Information Technology and Plant and Facilities Committee.

Scope

The Budget Committee reports to the Executive Council (EC). The VPBAA is its convening officer. As a planning and advisory body, it has no decision-making authority. It presents its plans to the President via the Executive Council.

The VPBAA is the ex officio chair of the Budget Committee, a duty he/she may choose to delegate. He/She shall appoint a recording secretary to maintain records of meetings which are to be kept in the office of the VPBAA and distributed to all members of the Committee. In the absence of the VPBAA or his/her designee, the Committee shall elect a vice chair.

The membership of the Budget Committee shall consist of 18 members:

  1. Vice President of Business Administration Affairs
  2. Executive Vice President
  3. Vice President of Academic & Student Affairs
  4. Vice President of Land Grant
  5. Director of FABS
  6. Dean of Academic Affairs
  7. Dean of Student Success
  8. Dean of WAVES
  9. Liberal Arts Department Chair
  10. Education Department Chair
  11. Developmental Education Department Chair
  12. Nursing Department Chair
  13. Business Studies Department Chair
  14. STEM Department Chair
  15. Carpentry Program Chair
  16. Marshallese Studies Department Chair
  17. Student Body Representative
  18. Grant Coordinator

Before a meeting can officially commence, it must meet its quorum requirements. A quorum requires 10 members. The continued presence of a quorum is presumed to exist until the chair or any member informs the committee by a motion that there is no longer a quorum. In case any member of the budget committee is not able to attend a scheduled meeting, a designated proxy can be assigned with advanced notice to the chair.

The Committee will meet once a month on the first Tuesday of each month for a full Academic Year. The committee will provide monthly progress reports to the Executive Council. A special meeting may be called upon by the chairperson.

The establishment of subcommittees of the Budget Committee. The subcommittees will submit all work products for review and approval by the Budget Committee.

Policy & Procedural Review Subcommittee

The subcommittee shall meet on a quarterly basis to review CMI’s Policies and Procedures related to financial management and reporting. The membership of the Policy & Procedural Review subcommittee shall consist of nine (9) voting members, and shall be comprised of the incumbents of the following positions:

  1. Director of FABS
  2. Dean of Academic Affairs
  3. Dean of Student Success
  4. Director of Arrak
  5. Director of Human Resources
  6. Internal Auditor
  7. One (1) Dept. Chair representative to the BC committee
  8. One (1) representative from Staff
  9. One (1) representative from student body
  10. Grant Coordinator

Financial & Budget Control and Audit Risk Subcommittee

The subcommittee shall meet on the second Monday of every month to review CMI’s Financial Reports and assess the College’s risks with respect to its financial management practices. The subcommittee shall consist of ten (10) voting members, and shall be comprised of the incumbents of the following positions:

  1. Director FABS
  2. Dean of Academic Affairs
  3. Dean of Student Success
  4. Financial Aid Director
  5. Director of Arrak
  6. Internal Auditor
  7. Director of Human Resources
  8. One (1) Dept. Chair representative to the BC committee
  9. One (1) representative from Staff
  10. One (1) representative from student body

Authority/Reporting

The Budget Committee has the authority to develop and revise the annual and long-term budget and submit it to the President through the EC. The budget plan is an advisory document, and is not binding unless the President and the College Board of Regents approve it.

The budget plan and recommendations will be in the form of draft budget working papers using the Performance Based Budget model submitted as per Budget Policy and Procedures Manual. The remaining review and approval process must be completed prior to the consideration of the CMI Board of Regents at their September meeting.

The Budget Committee shall publish and post their minutes and actions within a week following the approval of the minutes by the Budget Committee on the CMI website for the current academic year. The Budget Committee will assess their effectiveness in informing and sharing their activities annually. At the beginning of each academic year, the Budget Committee shall share its assessment and recommended remedial actions.

Reviewed & Approved by Executive Council
August 4, 2021

Assessment Reports