Budget Cycle Calendar

In the following generic, calendar-month outline, FY1 represents actions that affect the current fiscal year, and FY2 represents those for the coming fiscal year.

November / December

  • FY1: Update and post final General Fund and Institutional Expense Fund Budgets

  • FY2: Set all-funds base for Priorities Committee planning

January 

  • FY2: Priorities Committee deliberates on fee package, salary pool, and other key budget parameters

February / March

  • FY1: Departments and the Office of Planning, Budget, and Analysis prepare a Year-End Forecast for FY1

  • FY2: Priorities Committee plan is finalized  

April

  • FY2: Trustees consider Priorities Committee recommendations

May/June

  • FY2: Update General Fund budgets; administrative departments reallocate approved General Fund totals

June / July

  • FY1: Close current fiscal year 

  • FY2: Post Original General Fund budgets

September / October

  • FY2: Update General Fund and Institutional Expense Fund budget totals, support further General Fund budget reallocation by administrative departments, and update projections of revenue and expense on departmentally managed funds

November / December

  • FY2: Post final General Fund and Institutional Expense Fund Budgets

  • FY3: Set all-funds base for Priorities Committee planning of coming fiscal year

The Role of the Office of Planning, Budget, and Analysis

Fall / Winter

Working under the direction of the Provost’s Office and Priorities Committee in the fall and winter of each year, the Office of Planning, Budget, and Analysis prepares an operating budget projection for the subsequent fiscal year that begins in July. 

April

The plan is reviewed and approved by the Trustees. More information about Priorities Committee and annual reports may be found on its website.

July

With parameters set in the approved overall operating budget approved in April, the Office of Planning, Budget, and Analysis posts administrative departments’ initial General Fund budget appropriations.

September / October

An update to the plan is made to reflect changes that have occurred since the overall University budget was first approved in April. This includes re-estimates of student aid and instructional expenses, as well as institutional expenses such as taxes and utilities, to name a few of the larger categories that often change significantly between the spring and fall updates.

Spring

Each spring, the Office of Planning, Budget, and Analysis prepares a forecast of operating activity for the year closing in June. This process depends heavily on updated projections of revenue and expense totals provided by numerous departments in February and early March, in order to give the Provost and Trustees an early view of the expected fiscal year closing position.

Late May - July

The Office of Planning, Budget, and Analysis works with departments to clean up the books and make sure all entries necessary for year-end close are made in a timely manner. Because the General Fund and Institutional Expense funds do not roll over automatically, and cannot hold activity intended to be charged to other funds, the year-end closing process for these funds is more intensive. More information about each year’s close, and actual dates, are available in the Year-End Close section. 

Early September

VP’s and Dean’s report significant variances between budgeted and actual spending to the Office of Budget Planning, and Analysis.