§ 115D-55. Budget management. - North Carolina Statutes

§ 115D‑55.  Budgetmanagement.

(a)        Approval of Budgetby Local Tax‑Levying Authority. – By a date fixed by the local tax‑levyingauthority, the budget shall be submitted to the local tax‑levyingauthority for approval of that portion within its authority as stated in G.S.115D‑54(b). On or before July 1, or such later date as may be agreeableto the board of trustees, but in no instance later than September 1, the localtax‑levying authority shall determine the amount of county revenue to beappropriated to an institution for the budget year. The local tax‑levyingauthority may allocate part or all of an appropriation by purpose, function, orproject as defined in the budget manual as adopted by the State Board ofCommunity Colleges.

The local tax‑levying authorityshall have full authority to call for all books, records, audit reports, andother information bearing on the financial operation of the institution exceptrecords dealing with specific persons for which the persons' rights of privacyare protected by either federal or State law.

Nothing in this Article shallbe construed to place a duty on the local tax‑levying authority to fund adeficit incurred by an institution through failure of the institution to complywith the provisions of this Article or rules and regulations issued pursuanthereto.

(b)        Approval of Budgetby State Board of Community Colleges. – After notification by the local tax‑levyingauthority of the amount appropriated, the budget shall be submitted to theState Board of Community Colleges on a date designated by the State Board ofCommunity Colleges for approval of that portion within its authority as statedin G.S. 115D‑54(b). The State Board of Community Colleges shall approvethe budget for each institution in such amount as the State Board decides isavailable and necessary for the operation of the institution.

The State Board of CommunityColleges shall have authority to call for all books, records, audit reports andother information bearing on the financial operation of the institution exceptrecords dealing with specific persons for which the persons' rights of privacyare protected by either federal or State law.

Nothing in this Article shallbe construed to place a duty on the State Board of Community Colleges to fund adeficit incurred by an institution through failure of the institution to complywith the provisions of this Article or rules and regulations issued pursuanthereto. (1981,c. 157, s. 1; 2001‑112, s. 2; 2007‑484, s. 29(d).)