Miss. Code Ann. § 37-29-463

The board of trustees of the Copiah-Lincoln Junior College District shall each year, on or before June 15, prepare a budget which shall contain a detailed estimate of the revenues and expenses anticipated for the ensuing year for general operation and maintenance, and shall set forth the reasonable requirements for anticipated needs for capital outlays for land, buildings, initial equipment for new buildings and major repairs, a reasonable accumulation for such purposes being hereby expressly authorized.