Budget Development
Timeline for Budget Development
The President is responsible to the Board of Governors for the Budget.
The Budget Advisory Committee (BAC) is charged with advising the President on budget matters and prepares reports for review at regular intervals throughout the year. The BAC reports can be found under Reports.
The committee is composed of the Vice Presidents Academic and Provost and Finance and Administration, 2 senate members, a Dean and Administrative Director, a student member. Committee members are not advocates for particular areas. The committtee is supported by the Assistant Vice-President Financial Services, Director of Budgets and Financial Analysis and the Director of Institutional Analysis and Research.
Below is the typical schedule for the Budget Advisory Committee:
| Time Period | Activity |
|---|---|
| Fall | BAC prepares discussion paper Input received from University Community |
| Winter | BAC prepares budget plan Input received from the University Community Plan submitted to President for review |
| Spring | Report recommendations are translated into detailed budget which is submitted to the Board of Governors for approval |
A typical timeline for the budget year is:
| Time Period | Activity |
|---|---|
| April 1 | Start of accounting fiscal year |
| Spring | Budget allocations are sent to budget units (based on recommendation from BAC reports) |
| June | Final budget prepared for Board of Governors meeting |
| Summer | Units submit budget for review by Budget Office and loaded in to the financial information system |
| September | Salary incrementation |
| October | Mid year review by budget units |
| January | Third quarter review by budget units |
| March 31 | End of accounting fiscal year |
Budget Carry Forward
Please review the Operating Budget Carry Forward Policy and Procedures. The purpose of the policy is to define the parameters for carry-forward of underspending or overspending of approved annual operating budget allocations.