Budgeting
Departmental Business Managers (DBMs), Area Business Managers (ABMs) and Senior Business Managers (SBMs) on the Main Campus are responsible for managing the annual budgeting process, as well as for tracking budget performance of all funds on a monthly basis. Additionally, ABMs and SBMs are responsible for maintaining quarterly forecasts of year-end outcomes.
Budget Preparations
The budgeting process involves planning, allocating, and monitoring the University's budget.
- Policies
- FY13 Budget Instructions
- Budget Calendar: Planning and allocating resources for the University's budget normally takes place from June to February.
- FY Closing: Accrual Instructions
Budget Revisions
Note: For proposed special funds expenditures that are not included in the authorized campus budget, offsetting savings in other accounts or new unbudgeted revenues or gifts must be identified and committed.
Similar spending rules also apply to capital projects that were not included in the capital budget authorized by the Board. Such unbudgeted expenditures will require advance approval of the MCFO.
- Uploadable Budget Revision Form (for balanced revisions)
- Manual Budget Revision Form (for unbalanced revisions)
Budget Monitoring and Analysis
Analysis and reporting of actual-to-budget results occurs throughout the fiscal year.
- Policies
- Instructions: SBMs receive the following monthly reports from the MCFO. They are required to provide written explanations regarding the contents within two weeks of receipt.
- Deficit Budgets: The Current Approved Budget (CAB) plus the Beginning Balance are less than zero. This means that budgeted revenues plus the existing fund balance are not enough to cover the budgeted expenses for the fiscal year. A budget revision is necessary in order to either decrease budgeted expenses or increase budgeted revenues.
- Projected Year-End Endowment Deficits: These endowments are projected to have year-end deficits based on the assumption that no additional budgeted expenses are incurred, and all budgeted revenues (incl. transfers) are collected by the end of the fiscal year.
- Actual Non-Endowment Deficits: These non-endowment special funds are currently in deficit. Explain the reason for deficit and action to be taken to resolve this.
- Variance to Current Approved Budget: The variance of CAB to actuals is unfavorable. Explain the reason for variance and action to be taken to meet institutional equilibrium.
- Variance Template Instructions (PDF)
Note: Spending (other than Sponsored Program activity that is 100% reimbursed) must not exceed the budgets approved by the Board in February. Any use of special funds or capital projects must be explicitly included in the Board-approved budgets submitted at that time.