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Budget Management

The Financial Planning and Budget Office has a coordinating role with respect to the budget, providing advice and information to the Executive Committee on the relationship between planning objectives and the budget and competing budget priorities. The resulting budget should be an outcome of discussions at all levels within the University relating to priority setting in accordance with University goals, strategic plans, acknowledgement of achievements, responses to new demands and opportunities, acceptance of the need to find room for new initiatives through phasing out or limiting existing activities to look beyond the time frame of the current year.

The University budget will aim to achieve a balanced consolidated budget after taking into account all sources of income and transfers. Therefore, all budget units are expected to plan their annual budgets, taking into account using all sources of income, with no deficit with the exception of The School of Veterinary Medicine which operates within a structural deficit margin.

Schools are encouraged to create Reserves for equipment replacement, restructuring, matching funds and funds for strategic initiatives while maintaining minimum balances.

Unspent balances in carry forward cost centers of a school in a given year will be carried forward into the next fiscal year.

The above guidelines are reviewed annually by the Financial Planning and Budget Office and the Executive Committee.

Financial Projections

Budget projections are submitted quarterly for September, December and March and thereafter, monthly from April –June.  A new fiscal year begins in July.  In addition to an analysis of the operating and carry forward budgets, enrollment counts, clinical and other educational activities performance by cost center, a contingency plan and narrative are included with each projection.  The narrative should include an explanation of any variances in performance to budget.  By submitting projections, the University can anticipate programmatic and educational needs and more effectively plan for unbudgeted expenses.  Projections also provide a basis for determining future budget revisions and adjustments.

Each school is provided a template to use to submit the projection within the monthly Operating Statement.

The Budget Office reviews all projections, assists with forecasting future financial needs and offers as much input as possible for finalizing each projection.  This is accomplished by communicating with the school financial officers and considering strengths and weaknesses, assets, risks, trends and economic factors in order to research and analyze the projections.

Three year Budget Plans are submitted in December and in early spring, the Board of Trustees votes to accept the budget presented by the Vice President of Finance.

Financial Analysis

The Financial Planning and Budget Office provides a wide spectrum of financial management services to the University. Including, but not limited to, serving as advisor on financial matters.

Responsibilities include the development, execution and analysis of the University’s overall budget while making recommendations to ensure efficient use of available financial resources. Also, oversees the development, consolidation, preparation and submission of the operating budgets.

In addition, the Financial Planning and Budget Office develops management information systems to collect, analyze and present financial management information to the University’s financial community.