Budget Process

July – September

During the summer months, planning efforts begin to prepare for the next budget cycle. Staff is comparing the fiscal year that just ended to the one that is just beginning to identify structural issues that should be addressed in the next cycle. Late summer and early fall are also when enrollment planning and tuition rates are being modeled and evaluated.

October – December

One of the first parts of the budget that begins to take shape during this time frame is the Capital Plan. Staff is reviewing and evaluating projects that have been submitted as well as beginning to explore project financing capacity and assessing how projects connect with campus priorities and goals within the Strategic Plan and Campus Master Plan. Tuition, housing and food rates are also being presented to the Board of Trustees for Approval.

Operating budget requests are also being submitted to OPB and consolidated for consideration during this timeframe.

January – March

The Planning and Priorities Committee is meeting to hear from Academic Deans and Vice President’s about their needs and priorities for the coming years. They provide feedback to the COO, Provost and President about how those needs align with the campus’ Guiding Lights.

A draft budget is prepared and presented to Planning and Priorities, Academic Cabinet and Presidents Cabinet for review and feedback. Once that cycle is complete, a final budget recommendation is drafted and presented to the Board of Trustees for Approval.

April – June

Closing out the prior year culminates with year-end projections and final budget adjustments before June 30. The next fiscal year’s budget is being drafted in line item format and prepared for upload into the financial system.