(a) The basic source of financing the college is the government through its regular budget process. The government shall provide a minimum appropriation from local revenues for the operation and programs of the college based on the actual cost of $2,820 per full time equivalent student, as has been determined by current, actual fall and projected spring and summer class schedules, with an annual inflationary adjustment of 4.8 percent.
(b) At the appropriate time the college shall submit to the Governor, upon approval of the board, a budget of estimated expenditures for the next fiscal and academic years. The budget shall contain separate estimates for capital outlay expenses and operational expenses and shall be submitted in such form and detail as may be required by applicable laws and rules of the government.
(c) Each budget shall identify clearly the amount or amounts requested to be appropriated, the amount or amounts available or estimated to be available from gifts, grants, donations, or other sources, and the amount or amounts for which application is being made or is to be made for federal aid.History: 1992, PL 22-30.