College of Micronesia - FSM
FY 2008 Budget Timeline (Amended June 30, 2006)
Original	Revised		Action		Responsibility
3-May-06	3-May-06		Planning Council and Finance Committee joint		Planning Council/
			meeting to discuss and recommend FY08		Finance Committee
			budget guidelines and timeline.
4-May-06	4-May-06		Cabinet to review the recommended budget		Cabinet
			guidelines from Planning Council/Finance Comm.
18-May-06	18-May-06		Board to approve/disapprove FY08 budget		Board
			guidelines.
22-May-06	22-May-06		President to disseminate budget guidelines and		President
to	to		timeline to VPs and Directors/Office Heads.
31-May-06	31-May-06		Co-chair of Planning Council to establish institutional		IRPO
			priorities.
			SC Director/VPIA/IRPO to prepare revenue projection.		SC Director/VPIA
1-Jun-06	1-Jun-06		Directors/Office Heads prepare the budget in		Directors/Office Heads
to	to		consultation with the respective VP.
30-Jun-06	18-Aug-06		Training/discussions of the formulation of budgets.
			VP to handle program evaluation/assessment		VPs
			in formulating the budget.
			VP to conduct budget hearings with directors/		VPs
			office heads.
			President and VPs to review and approve/disapprove		President/VPs
			requests for new positions.
			VPIA and SC Directors to prepare the projected		VPIA and SC Director
			revenue budget, and submit to President.
	18-Aug-06		President and VPA provides formula for the allocation		President/VPA
			Of the appropriation.
1-Jul-06	21-Aug-06		SC Directors consolidate the campus budget.		State Campus Directors/
to	to		Office Heads finalize their office budget.		VPs
31-Jul-06	1-Sep-06		Office Heads/SC Director submits budget to VPs.
	4-Sep-06		VPs finalize the budgets of divisions/offices
	to		under his/her department.
	15-Sep-06
	18-Sep-06		VPs submit line item budget to Chair of Finance Committee
			and performance budget to Co-chair of Planning Council  for consolidation.
1-Aug-06	19-Sep-06		Chair of Finance to consolidate line item budget.		Chair of Finance
to	to		Co-chair of Planning Council to consolidate performance		Co-chair of Planning
15-Aug-06	29-Sep-06		budget.		Council
16-Aug-06	2-Oct-06		VPs to review the consolidated budget and handles		VPs
to	to		the balancing of system wide budget.
30-Sep-06	27-Oct-06
1-Oct-06	30-Oct-06		VP-Administration prepares the final budget		VP - Administration
to	to		documents to the Cabinet.
8-Oct-06	3-Nov-06
9-Oct-06	6-Nov-06		Cabinet reviews budget for submission to the		Cabinet
to	to		Board for approval.
30-Oct-06	17-Nov-06		Final revision of the budget, if any.
1-Nov-06	20-Nov-06		President to prepare the directive endorsing the FY08 budget.		President
4-Dec-06	4-Dec-06		Board to approve/disapprove the FY08 budget.		Board
11-Dec-06	11-Dec-06		President to transmit to FSM the FY08 budget.		President