26.1. Every college must adopt and forward to the Minister, on or before the date and in the form he determines, its operating, investment and debt service budget for the ensuing fiscal year. The college must also adopt and forward to the Minister any budget estimates the Minister requests.
A college which, on 1 July, has not adopted its budget is authorized to incur, for that month, an amount of expenditure equal to one-twelfth of the amount of its expenditures for the preceding fiscal year. The same rule applies for each month of a fiscal year if, on the first day of the month, the budget has not been adopted.
1993, c. 25, s. 19; 2009, c. 38, s. 16.