The annual budgeting process will begin October 1st of each year. Budget sheets along with mandate will be sent to each unit manager and the Dean(s). Meetings will be scheduled in October between administrative directors, program coordinators, the Vice Presidents, Associate Deans and the Director of Finance to discuss initial budgets. Proposed budgets should be submitted to the Director, Finance by November 30th. Each budget submission shall include:
Once the business case is complete it should be:
Please note: Submission of a business case does not guarantee approval.
Once all budgets, including businesses cases if any, have been submitted, they will be consolidated by Finance and the overall budget for the University will be reviewed. At this stage, should Finance have any questions regarding the budget submission, a meeting with the administrative director, program coordinator, Associate Dean(s) or appropriate Vice President will be arranged. All consolidated budgets will receive final review by January 15th.
The consolidated budget will then be reviewed with the President. If any changes are necessary, meetings will be arranged with administrative directors, program coordinators, Associate Dean(s), Vice Presidents and the Finance Director to discuss changes and options. All decisions made will be incorporated into the budget by January 31st. The revised budgets will then be reviewed by the President for approval.
Finance, along with the President’s office, will prepare the budget submission to be presented to the Board of Governors. This will be completed by February 15th.
The Board of Governors will review the budget submission at their February meeting which is usually held the last weekend of the month.
Once the budget has been approved by the Board of Governors, the budget is closed. There will be no further budget changes considered, except under extreme extenuating circumstances. Each administrative director, program coordinator and Associate Dean will be given a copy of their approved budget by March 15th.
Administrative directors or program coordinators will submit a business case outlining the reason for the new budget initiative. This business case will include the benefits to the University, risks to the University if not approved, costs and a recommendation of where it is suggested that the funds come from to pay for the initiative. This business case should be:
Variance reports comparing amount budgeted to actual dollars spent will be provided to administrative directors, program coordinators, Associate Dean(s) , Vice Presidents and the President on a monthly basis. Reports will be distributed by the end of the month following. For example, April reports will be received by the end of May. When the reports are distributed, Finance will be available to meet with each unit to discuss results.
On a regular basis, but more importantly at each quarter end, Finance performs forecasts of revenue and expenses to the end of each year and may request to meet with each unit to discuss any relevant variances. The University must provide regular reporting to the Board, funding agencies and various other stakeholders. If any budget lines are expected to be over or under budget, this must be reflected and explained in the forecast. This process allows the University to more accurately estimate our year-end financial results and provides us the opportunity to address with any significant variances or concerns throughout the year.
Ad hoc report requests for a certain budget code or special project can be requested from Finance at any time.
Finance is available at any time to help units with any budget questions or concerns.
|October 1||Budget sheets including mandate will be sent to each department head|
|Month of October and November||Meetings between administrative directors, program coordinators, Associate Dean (s), Vice Presidents Academic and Finance|
|November 30||Deadline for business case submissions and budgets to Finance|
|January 15||Consolidated budget review complete|
|January 31||Approval of consolidated budget by President|
|February 15||Deadline for preparation of submission to the Board of Governors|
|Last weekend of February||Consolidated budget presented to the Board of Governors for approval|
|March 15||Approved budgets sent out to units|