Finance & Operations

Annual Budget Procedure

Annual Budget Proposal: The goal of the annual budget cycle is to develop a high-level proposal for the next fiscal year cycle.

  • The OBA provides Budget Units with the following:
    • The university’s financial outlook and budgetary priorities per the strategic plan
    • Preliminary monies available for additional funding requests based on revenue inputs
    • Outline of the budget process for the next fiscal year
  • Budget Unit representatives meet with the OBA to review the previous year’s financial performance and answer questions. For the Annual Budget Cycle, Budget Unit representatives will develop Budget Proposal materials and present them at the Budget Group meetings:
    • Year-end expense forecast and variances to budget for current year
    • Budget forecast for the next fiscal year
    • Additional funding requests for the next fiscal year and justification for those requests

For the Mid-Year Revision: Budget Unit representatives will review and develop materials and present them at the Budget group meetings:

  • Prior-year fiscal year-end budget versus actual expenses
  • Year-over-Year (YOY) actuals changes
  • Budget forecast for the current fiscal year
  • Additional funding requests for the current fiscal year and justification for those requests

ANNUAL BUDGET CYCLE

  • CPI and HEPI analyzed for previous year (January)
  • Personnel position and compensation data is updated in ADAPTIVE including health insurance, payroll taxes, 403(b) retirement plan contribution (early February)
  • Budget Units submit materials (late February):
    • Year-end budget forecast and variances to budget (detailed)
    • Budget forecast for the next fiscal year (detailed)
      • Request changes
      • Request additional funding
  • Enrollment Projections (early February)
    • 3 year enrollment projections and retention expectations are developed including graduate forecasts
  • Budget Meeting #1 (mid-February)
  • Budget Meeting #2 (late-February)
  • Budget Meeting #3 (early-March)
  • Budget Meeting #4 (mid-March) to finalize Budget Proposal
  • Finance/Risk Committee meeting to review and recommend to the full Board (late March/early April)
  • Full Board Meeting for approval (mid-May)

MID-YEAR REVISION BUDGET CYCLE

  • Budget Units submit materials (late September):
    • Year-end budget forecast and variances to budget (detailed)
      • Request additional funding
  • Enrollment Projections (early October)
    • OBA will update the enrollment projections based on actual Fall enrollment
  • Budget Meeting #1 (mid-October)
  • Budget Meeting #2 (late-October)
  • Budget Meeting #3 (early-November) to finalize Budget Proposal
  • Finance/Risk Committee meeting (early-December)