BE IT RESOLVED, that upon due consideration and upon recommendation of the Kentucky State University (KSU) President, the following operating budget authorizations totaling $45,867,800 are approved for KSU for the fiscal year beginning July 1, 2015, and ending June 30, 2016.

In the event current fund revenues now estimated should not be realized, the KSU President shall take appropriate action to reduce budget authorizations to amounts sufficient to ensure that expenditures do not exceed available revenues. The KSU 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 KSU President may authorize an increase in the unrestricted current funds expenditure budget up to 2.0 percent of the Board's authorized expenditure level. Increases greater than 2.0 percent of the authorized expenditure budget must have prior approval of the Board.

The KSU Quarterly Financial Report shall contain sections that reflect the KSU 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.

The purchase of any item of equipment greater than $200,000 must have prior approval of the Board of Regents and must be contained in the Biennial Legislative Appropriations Act in accordance with KRS Chapter 45. A capital construction project with a scope greater than $600,000 must have the prior approval of the Board of Regents and be contained in the Biennial Legislative Appropriations Act in accordance with KRS Chapter 45. Equipment and capital construction projects with scopes greater than these amounts shall be reported as part of the KSU Quarterly Financial Report. All units and individuals within KSU incurring financial obligations of KSU funds resulting from this authorization shall observe and adhere to applicable laws, regulations, and policies of the Commonwealth of Kentucky and the KSU 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, 2015, through June 30, 2016.

ADOPTED, this ___ day of May 2015.