(a) Within the total approved college operating budget, the college trustees may transfer appropriations from one function or object of expense account to another.

(b) Amendments to increase the total college operating budget may be effected by the college trustees with the approval of the sponsor and State University trustees. Anticipated requests for amendments to increase the total operating budget shall be reported to and discussed with the Chancellor of State University or designee at the earliest possible date, in order that the need for changes in college operations from those described in the budget first approved can be fully analyzed and understood.

(c) Prior to filing with the State University of New York, a request to increase the State financial assistance shall have been approved and certified by the college trustees.

(d) The Chancellor of State University shall take appropriate action relative to the request to amend the total operating budget in the amount of five percent or less of the approved total operating budget. The total of all such requests approved by the chancellor for a community college year shall not exceed five percent of the original approved budgeted amount. The State University Board of Trustees shall take appropriate action relative to the request to amend the total college operating budget in amounts greater than five percent of the approved total operating budget.

(e) The Chancellor of State University shall take appropriate action relative to the request to amend the State financial assistance in the amount of five percent or less of the approved State financial assistance. The total of all such requests approved by the chancellor for a community college year shall not exceed five percent of the original approved budgeted amount. The State University Board of Trustees shall take appropriate action relative to the request to amend the State financial assistance in amounts greater than five percent of the approved State financial assistance.

(f) The Chancellor of State University of New York shall annually report to the State University Board of Trustees concerning all amendments to community college operating budget requests approved by the chancellor during the preceding college year.