CCS’s fiscal year is a twelve-month period, beginning on July 1, and ending June 30. The budget for CCS is prepared annually, with formal Board of Trustees approval in the May preceding the commencement of the next budget year. The process of preparing the budget begins in the fall preceding the start of the next fiscal year. At that time, enrollment projections are made for the following year, and by December, the tuition rates for the following year are established and approved by the Board of Trustees. Following soon thereafter, the process of developing detailed revenue, expense and capital acquisition budgets commences.
In January, all cost center directors, department chairpersons, and other staff with budget responsibilities are given information regarding the budget preparation process. They prepare revenue, expense and capital budget requests based upon the information in the budget package, as well as needs they might have due to curriculum or enrollment expectations. These requests are submitted in late February, with individual departmental presentations made to senior management in early March. Following these presentations, senior management makes final budget decisions, and the budget is prepared for submission to the Finance and Audit Committee of the Board in early April. This is followed by presentations to the Executive Committee of the Board in late April and to the Board of Trustees for final approval in May.