Annual Operating Budget Process Overview and Scope
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Annual Operating Budget Process:The process may be generally described as follows:During the fall semester, the VP for Business Affairs’ office and the Cabinet compiles information for the submission of proposed increases in tuition, room and board rates for the next fiscal year. Based on the information compiled and planned rates budgeted for in the University’s Five-Year strategic planning model, along with preliminary estimates of expenditures to be incurred for the next fiscal year, the University’s management presents its recommendations for tuition, room and board levels for the next fiscal year to the Board of Trustees at its Fall meeting.
The budget managers prepare their budgets online and submit them to their Budget Liaison/Vice President. The Budget Liaison or Vice President will forward the approved budget to the Budget Department Office by late February. Vice Presidents may determine that departments can send their online departmental budget files directly to the Budget Department office. Additional time is allotted for the preparation of the Special Requests and the expense justification worksheets. Once budgets have been completed online, meetings will be set up in March with all the Vice Presidents to discuss and clarify issues regarding their submitted budgets and supporting documentation. In early April after the VP meetings have taken place and all of the allotted changes have been made, the Budget Department Office will combine the departmental budgets for the entire university into a proposed budget. The department will also review estimated expenditures, estimated revenues, special request, expense justifications, and supporting documentation as it begins to prepare reports for the Cabinet’s review. The Cabinet reviews the proposed budget in April, paying particular attention to special request with significant financial consequences. In its May meeting, the Board of Trustees is asked to review and approve summaries of the proposed operating and capital budgets. After the approval of the Board is obtained, budgets are loaded into the Banner GL module and by June, the Budget Department Office informs all departments that online reports are available for the upcoming fiscal year. Click on the link below in order to view the timetable for the current/next fiscal year’s projection/budgeting process. Annual Operating Budget Proposal Preparation The online submission of the budget proposal and any subsequent revision is the individual departmental budget manager’s/liaison responsibility. At the beginning of each budget process, the Budget Department office provides budget training for new budget managers. Budget managers who have attended in the past, and wish to attend as a refresher, are also welcome to do so. In mid-December the Budget Department Office notifies the budget managers and liaison’s that the online budget system is available to input budgets and projections. Below are items that need to be completed as part of the annual operating budget process. How to obtain instructions on how to navigate through the online Budget module:
Special Requests File: The actual forms are located on the online budget page in the lower left corner of the web page.
Below is a link to the special request form and all areas of this form need to be filled in by the requesting department. Expenditure Line Justification File: The actual forms are located on the online budget page in the lower left corner of the web page.
Below is a link showing the areas that need to be filled out on the expenditure justification. |