Student Information for FALL 2022 – IMPORTANT UPDATES

Capital Expenditures Policy – Procedure Statement

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Issued:
January 29, 2017
Last Revised:
September 27/14
Owner:
Director, Finance
Approved By:
President

The budget for capital expenditures is a part of the budget for the President’s Office.

A listing of proposed capital expenditures will be presented by departments to the Director of Finance along with a justification for the level of spending being proposed. This will be presented during the annual Budgeting, Forecasting and Reporting process.

The Director of Finance will assess all capital needs anticipated for the following year. These needs will be prioritized based on the strategic plan for the University and on directives received from the President. The needs of the University will be considered in the context of the University’s overall financial position and cash flow and a budget plan for the following year will be prepared. Any changes to the capital expenditures proposed will be done following the same consultative process as the annual budget.

The overall budget is prepared by the Director of Finance and a recommendation is sent to the President to approve for submission to the Board.

The overall budget will be reviewed by the Audit Finance & Risk Committee during the final budget review process and a final approved budget amount will be recommended to the Board of Governors for ratification at their April meeting.

The approved capital budget details will be communicated. Any capital expenditures over what has been approved in the annual budget will be presented to the Director of Finance along with a rationale and justification. The Director of Finance will then prepare a recommendation for the President. The President has final approval on all capital expenditures.

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