New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 4 - OPERATING BUDGETS - APPROVAL BY COMMISSION ON HIGHER EDUCATION
Section 5.3.4.13 - PROCEDURES
Current through Register Vol. 35, No. 18, September 24, 2024
The following procedures will be used by the commission in the approval of operating budgets:
A. Budgets will be presented in the format prescribed by the commission on higher education through the commission's staff. Budgets will be in compliance with the financial reporting manual as adopted by the commission on higher education. Any significant changes in the format or manual will be reviewed with the institutional budgetary officers before being put into effect.
B. Each institution will submit a draft of the operating budget to the commission's staff by May 1. The commission's staff will review and check this draft and then consult with the appropriate institutional officials for clarification, correction of errors, and consistency in budgetary format.
C. The institution will then submit four original copies that have been approved by the institution's governing board to the commission's office by a specified date. This will be reproduced by the commission's staff and copies provided to each commissioner upon request.
D. The commission's staff will analyze each budget and, to the extent possible, report the results of its analyses to the commission members in advance of the commission meeting when approval of budgets is to be considered. Particular attention will be given to the proposed use of balances.
