ISO procedures

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ISO procedures


DOCUMENT: Procedure for Budget preparation and Implementation

DEPT: Corporate

ISSUE NO: 01

DOC NO. EU/AF/OP/08

REV. No: 01

2.0 Purpose

To ensure efficient and effective provision of budgetary preparation and implementation that matches the International standards and practices within the local regulatory framework.

3.0 Scope

This procedure covers the University Financial Management System and Financial Reporting


4.0 REFERENCES

4.1 State Corporations Act, Cap 466

4.2 Public Audit Act 2003

4.3 Public Procurement and Disposal Act 2005

4.4 International Financial Reporting Standards (IFRS)

4.5 Egerton University Statutes, 2013

4.6 Egerton University Charter, 2013

4.7 Egerton University Financial Regulations

4.8 Government Circulars

4.9 Management Circulars

5.0 Public Finance Management Act, 2012

5.1 Government Financial Regulations and Procedures.


DOCUMENT: Procedure for Budget preparation and Implementation

DEPT: Corporate

ISSUE NO: 01

DOC NO. EU/AF/OP/08

REV. No: 01

6 METHOD

6.1 All vote holders shall submit their proposed budgets in accordance with University Management and Government guidelines by the 30th September each year.

The Chief Finance Officer shall:

6.2 Prepare a Spread Sheet for all the vote heads and insert the figures provided by the vote holders in their proposals by 31st October, each year

6.3 Compile the budget and table it before the University Budget Committee by 30th November, each year in readiness for Management and Council Approval.

6.4 Ensure that the University proposed budget as approved by University Council is forwarded to the Ministry of Higher Education, Science and Technology and Ministry of Finance by 31st January each year.

6.5 Receive government approved budget before June of every year

6.6 Ensure vote allocations are approved by the University Council before the commencement of the Financial year

6.7 Communicate the vote allocations to vote holders at the beginning of every financial year.

6.8 Ensure compliance with the University policies on budgetary control throughout the financial year.