Annual Budget Cycle
Transcript: Annual Budget Cycle Jul July Overview Executive Council members (VPs, AVPI, USEC) kick off budget process in their portfolios Action Executive members send budget letters and templates to their direct reports (e.g., Deans, AVPs, etc.) outlining the Integrated Planning process and deadlines. Aug-Sept August-September Overview Unit leaders (e.g., Deans, AVPs, etc.) work on budget requests Action Unit leaders work with their teams on budget priorities. Oct-Nov October- November Overview October: Budget requests due October-November: Executive members review requests Action October: Unit leaders (e.g., Deans, AVPs, etc.) send completed budget templates to their VP or University Secretary. October-November: Executive members meet with their leaders (e.g., Deans, AVPs, etc.) individually to discuss and review budget requests and priorities. Nov-Dec November-December Overview Integrated Planning reviews top priorities Actions VPs, the University Secretary and the AVPI present their portfolio's top priorities to the Integrated Planning Committee. Integrated Planning reviews and prioritizes all resourcing requests presented, supported by Strategic Framework rationale and specific desired outcomes related to other institutional plans. Jan January Overview Planning and Budget Framework, Part I Action The Integrated Planning Committee prepares Part I of the Planning and Budget Framework, which includes an environmental scan and budget projection. Part I is presented to Executive Council, the Senate Committee on University Budget, and Board of Governors for feedback. Feb-Mar February- March Overview February-March: Planning and Budget Framework, Part II March: Board of Governors' approval Actions Integrated Planning Committee drafts Part II of the Planning and Budget Framework, which includes proposed resource allocations and changes to tuition and other fees. Part II is presented to Executive Council, Senate Committee on University Budget, and Board of Governors for feedback. The Board authorizes the President to develop and implement the detailed operating budget, based on Part I and Part II of the Planning and Budget Framework. Apr April Overview Budget letters Action Executive members send a summary of allocations to unit leaders (e.g., Deans, AVPs, etc.). May-Jun May-June Overview Goal setting Action Executive members set their portfolio goals for the coming year, working with their unit leaders. May-Mar May-March Overview Budget implementation Actions The Budget Office allocates resources to departments and units. Budgets are managed and monitored throughout the year.
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