This policy establishes the internal processes necessary to ensure consistency and uniformity in cost estimating and budget development. This policy applies to all employees, officers, and contractors doing business with GBPLD and to all sources and uses of funding received by GBPLD.
Requirements
- Budget development processes shall be properly documented, measured, and managed to ensure accuracy, financial transparency, strict compliance with generally accepted accounting principles (GAAP), reporting requirements, and continuous improvement.
- Budget development practices must comply with all applicable government laws and regulations.
- Estimating, budgeting, and accounting practices must be consistent with those practices used for accumulating and reporting costs.
- Estimating, budgeting, and accounting practices must comply with generally recognized and government approved cost principles and accounting standards (GAAP).
- Illinois Statutes are followed in determining timing and final dates of action.
- The GBPLD Fiscal Year is July 1 through June 30.
Responsibilities
- GBPLD Managers will project departmental needs for the upcoming fiscal year and report to their Division Chiefs.
- Division Chiefs will consolidate their departments’ budget information and submit to the Director of Finance (DOF).
- The DOF will prepare the District budget for review by Cabinet.
- Cabinet will balance the proposed budget with anticipated tax revenues and make final decisions for line-item cuts.
- Cabinet must include Division Chiefs, the Chief Executive Officer, and both Chief Operating Officers.
- Preliminary draft budget will be presented at the June Board of Trustees meeting and approved at the July Board meeting.
- Budget appropriation document will be approved in September of the same FY.
Board approved 5/14/2024