Finance & Operations

Summary of Budget Process

Budget Process- full procedure (pdf)

Summary:

  • The Office of Business Affairs develops the annual budget process which results in the Annual Consolidated Budget presented to the Board of Trustees for approval, as well as the detailed annual budgets for each department. They are uploaded to our ERP (Jenzabar) and used in our monthly actual and variance reporting. This document outlines the key players and the timeline for activities related to the University budget.

Annual Consolidated Budget vs. Budget Unit Operating Budgets:

  • The university’s Annual Consolidated Budget is a compilation of all annual operating and restricted budgets that support teaching, scholarships and research. Budget unit operating budgets are a subset of the Annual Consolidated Budget and includes general and restricted funds (i.e. designated, expendable and endowment), supporting ongoing unit operations and auxiliaries.

Annual Budget Cycle:

  • PAU’s annual budget cycle commences in February and concludes in May each year with a mid-year revision that starts in October (after Fall actual enrollment is finalized) and ends in December.

Annual Budget Proposal:

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

Mid-Year Revision:

  • 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 Consolidated Budget vs. Budget Unit Operating Budgets:

  • The university’s Annual Consolidated Budget is a compilation of all annual operating and restricted budgets that support teaching, scholarships and research. Budget unit operating budgets are a subset of the Annual Consolidated Budget and includes general and restricted funds (i.e. designated, expendable and endowment), supporting ongoing unit operations and auxiliaries.