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University Budget Process

The annual university budget is the financial plan for how the university will receive and spend funds in a fiscal year (May 1 to April 30). This document:

  • represents a statement of allocation of resources
  • includes an estimate of revenues and expenditures
  • allows for the prioritization of resources to be allocated in a way that achieves the goals and objectives of the university
  • provides accountability to stakeholders

Budget reports for the past five years are available on the Annual Budget Reports page.

University budget development and adherence

When it comes to developing and distributing the university’s annual budget strategy and managing finances throughout the fiscal year, various groups are in place to take the lead.

Development

During the centralized budget planning, development, consultation and town hall stages, activities are overseen by the provost’s office.

The Macro Planning Committee, also known as the budget committee, then reviews and approves all operating and capital funding requests, and also determines the strategy and process for the annual budget to follow. This committee determines the allocation of additional base and/or non-base resources.

Once the annual budget is approved, it is then distributed to the university’s vice-presidents, who are then responsible for sharing the document with divisional leaders who disseminate details to their individual departments.

Adherence

This level of leadership is responsible for all savings or overruns within their divisions.

This group is accountable for the funds they manage individually. Specifically, budget managers are responsible for requesting and/or approving budget changes, transfer requests, approving transactions and payment requests in compliance with the university’s policies and procedures.

Annual budget process

In preparation for the following year’s budget document, these activities are scheduled to take place:

Month Activity
November / December Update budget projections and estimates.
January/February

Academic and administrative units receive their preliminary base budget package and prepare required budget submission.

Multiple discussions of budget submissions take place with VPs and unit heads as well as with Macro Planning Committee.

March

Broad community consultation and town halls take place.  

The university budget is finalized based on consultation, submissions and government funding.

April

Final budget is approved by the President.

The detailed budget is presented to Finance Committee; and approval of budget and fees by Board of Governors.

May Implementation of approved budget.

Find more on preparing your 2019-20 budget, including guiding principles and town hall meeting dates.