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
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
      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.    
  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