§ 115D-58. Amendments to the budget; budget transfers.
§ 115D‑58. Amendments to the budget; budget transfers.
(a) The State Board of Community Colleges shall adopt rules andregulations governing the amendment of the budget for an institution. The boardof trustees may amend the budget at any time after its adoption pursuant to therules and regulations of the State Board.
(b) If the local tax‑levying authority allocates part orall of an appropriation pursuant to G.S. 115D‑55, the board of trusteesmust obtain approval of the local tax‑levying authority for an amendmentto the budget which increases or decreases the amount of that appropriationallocated to a purpose, function, or project by twenty‑five percent (25%)or more from the amount contained in the budget ordinance adopted by the localtax‑levying authority or such lesser percentage as specified by the localtax‑levying authority in the original budget ordinance, so long as suchpercentage is not less than ten percent (10%).
(c) The board of trustees may, by appropriate resolution,authorize the president to transfer moneys from one appropriation to anotherwithin the same fund, subject to any limitations established by regulationsadopted pursuant to this section, and subject to any limitations and proceduresprescribed by the board of trustees or State for federal laws or regulations.Any such transfer shall be reported to the board of trustees at its nextregular meeting and entered into its minutes. (1981, c. 157, s. 1.)