BE IT RESOLVED, that upon due consideration and upon recommendation of the Kentucky State University President, the following operating budget authorizations totaling $46,984,000 are approved for the fiscal year beginning July 1, 2018, and ending June 30, 2019, and totaling $49,424,100 are approved for the fiscal year beginning July 1, 2019, and ending June 30, 2020.

In the event revenues estimated should not be realized, the President shall take appropriate action to reduce budget authorizations to amounts sufficient to ensure that expenditures do not exceed available revenues. The President shall report to the Board of Regents in advance any major deviations from the approved operating budget.

In the event actual annual revenues exceed estimated revenues, the President may authorize an increase in the unrestricted current funds expenditure budget up to 5.0 percent of the Board’s authorized expenditure level. Increases greater than 5.0 percent of the authorized expenditure budget must have prior approval of the Board.

The Kentucky State University Quarterly Financial Report shall contain sections that reflect the July 1 opening budget, amendments to the opening budget, and expenditures to date. This report shall provide the necessary detail for amending the budget as permitted by this resolution.

Equipment and capital construction projects with scopes greater than the thresholds contained in KRS Chapter 45 shall be approved by the Board of Regents, the Council on Postsecondary Education, as required by the relevant statutes. All units and individuals within Kentucky State University incurring financial obligations of university funds resulting from this authorization shall observe and adhere to applicable laws, regulations, and policies of the Commonwealth of Kentucky and the Kentucky State University Board of Regents, which govern the expenditure and disbursement of funds. Heads of various budget units shall not authorize nor incur financial obligation in excess of the budget authorization for that budgetary unit.

This budget and its provisions will be effective July 1, 2018, through June 30, 2020. ADOPTED, this ___ day of June 2018.

Dr. Elaine Farris, Chair Kentucky State University Board of Regents

Dr. M. Christopher Brown II, Board Secretary Kentucky State University Board of Regents