July

• FY1: The Office of Planning, Budget, and Analysis posts Original General Fund budgets in Prime Financial Information Warehouse (IW)

• FY1: The Office of Planning, Budget, and Analysis posts central allocation and payout Journals for departmentally managed funds

August - October

• FY1: The Office of Planning, Budget, and Analysis updates General Fund and Institutional Expense Fund budget totals, supports further General Fund budget reallocation by administrative departments, and updates projections of revenue and expense on departmentally managed funds

November / December

• FY1: The Office of Planning, Budget, and Analysis updates and posts final General Fund and Institutional Expense Fund Budgets

• FY2: The Office of Planning, Budget, and Analysis sets 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: The Office of Planning, Budget, and Analysis updates General Fund budgets based on Priorities Committee recommendations

• FY2: Before the Original budget posting in July, Administrative VP/Deans begin to allocate General Fund budgets

July

• FY1: Fiscal year-end close

• FY2: The Office of Planning, Budget, and Analysis posts Original General Fund and Institutional Expense Fund Budgets

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 operating budget 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.

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.

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.

April

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

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, and VP/Deans are asked to review and identify significant variances between budgeted and actual spending. 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.