Article Five - Budget
Budget Request Submissions. The Student Senate Treasurer, in conjunction with the Finance Committee, shall impose a deadline by which all budget requests for the following fiscal year must be submitted. This deadline may be no later than February 15th.
Any organization unable to comply with this deadline must notify the Finance Committee in writing prior to the budget request submission deadline; extensions may be granted by the Finance Committee at their discretion.
The Finance Committee has the right to develop a budget request for any organization failing to comply with the above provisions.
Development of Budgets. The Finance Committee is responsible for developing a complete budget recommendation for the Student Senate unless the Senate has previously voted on and approved a directly submitted budget proposal sent to the Vice-Chair by the Student Body President. This must be presented to the Student Senate Vice-Chair to be placed on the agenda for the next regularly scheduled Student Senate meeting no later than April 15. An extension or exception to this policy may be granted with a majority vote of the Senate. This budget will be reviewed and accepted by the departing Senate. The Senate must approve a balanced proposal of the budget no later than 3 weeks before the end of the spring semester in conjunction with the University of Maine System Board of Trustees governing constitution. A review of the budget will also take place prior to the receipt of the Spring Student Activity Fee check.
The outgoing Student Senate shall, with input from the incoming Student Senate, approve a recommended budget for the next fiscal year. The incoming Student Senate shall vote to determine whether to accept this budget. The Student Senate-elect shall review the budget prior to the rising of the seated Senate. The Senate must approve a balanced budget proposal no later than five weeks prior to the end of the Spring Semester in accordance with the University of Maine System, Board of Trustees Governing Documents.
Emergency Fund. The Student Senate shall have an Emergency Fund for the purpose of covering unforeseen emergency expenses. Such expenses include, but are not limited to, insurance deductibles, contracts, and salaries, etc. A 2/3 vote of the Student Senate is needed to approve the use of this fund. The balance of the emergency fund is carried over automatically at the end of each fiscal year.