||Business and Support Operations
||Budgets: Budget Cycle
||Date of Present Issue:
||Date of Previous Issues:
Fiscal Year: The Lake Superior State University fiscal year covers a period from July 1 through June 30 of each year, while the state fiscal year covers a period from October 1 through September 30. The University appropriation, as a result, consists of 1/4 of the prior year state appropriation plus 3/4 of the current year state appropriation.
The outline below consists of five steps in the operating budget cycle: preparation, approval, execution, control, and accountability.
- The guidelines and format for the Executive Budget Request are received from the Department of Management and Budget approximately 15 months prior to the start of the LSSU fiscal year.
- The Budget Department at LSSU requests budget needs for the operating departments to be used in preparation of the Executive Budget Requests approximately 15 months prior to the start of the LSSU fiscal year.
- The actual data gathering and preparation of the operating budget for LSSU takes place approximately 8-12 months prior to the start of the LSSU fiscal year.
- The Executive Budget Request is submitted to the Department of Management and Budget approximately 8 months prior to the start of the LSSU fiscal year.
- The Department of Management and Budget holds hearings with the universities approximately 8 months prior to the start of the LSSU fiscal year.
- The governor submits the Executive Budget to the Legislature approximately 5 months prior to the start of the LSSU fiscal year.
- The Legislative Fiscal Agencies hold hearings with the universities approximately 3-4 months prior to the start of the LSSU fiscal year.
- Appropriation bills are prepared and passed in the Senate and House of Representatives. Any differences between the two bills are resolved in the Joint Conference Committee.
- The final bill passed by the Legislature is forwarded to the governor for signature and the appropriation becomes law.
- Notification of the details of the appropriation act as it relates to LSSU are received from the state.
- Detailed departmental budgets are prepared and approved by the LSSU Board of Trustees.
IV. Budget Control
- LSSU is responsible for controlling the day-to-day expenditures of the University to avoid deficit spending.
- See the budget control procedure for additional details.
- Monthly budget accounting reports are prepared and furnished to department heads to control the day-to-day expenditures.
- Annual financial reports are prepared by the LSSU accounting department and audited by a certified public accountant.
- The Auditor General's Office of the state performs an audit of LSSU records every two to three years.
- The University internal audit staff conducts audits on various University activities and programs on a continuing basis.