20-15-312. Review and approval of annual operating budget. (1) Annually by August 15, the board of trustees of a community college shall submit an operating budget to the board of regents for their review. The operating budget of the community college must be submitted in a manner prescribed by the board of regents and include at a minimum:

(a) detailed revenue and expenditure estimates for the current fiscal year and actual revenue and expenditure reports for the most recently completed fiscal year in all funds and subfunds;

(b) a list of any property tax levies for the current year, displaying the amount to be raised in dollars and mills and any applicable statutory limitations; and

(c) the percentage of the proposed current fund budget funded by local property taxes.

(2) The board of regents shall review and approve the proposed total operating budget and all its components, ensuring the proposed budget complies with applicable laws and accounting standards. The board of trustees of a community college district shall operate within the limits of the operating budget approved by the board of regents.