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Annual Budget Cycle

Jul

July

Overview

Executive Council members (VPs, AVPI, USEC) kick off budget process in their portfolios

Action

Executive members send budget letters and templates to their direct reports (e.g., Deans, AVPs, etc.) outlining the Integrated Planning process and deadlines.

Aug-Sept

August-September

Overview

Unit leaders (e.g., Deans, AVPs, etc.) work on budget requests

Action

Unit leaders work with their teams on budget priorities.

Oct-Nov

October- November

Overview

October: Budget requests due

October-November: Executive members review requests

Action

October: Unit leaders (e.g., Deans, AVPs, etc.) send completed budget templates to their VP or University Secretary.

October-November: Executive members meet with their leaders (e.g., Deans, AVPs, etc.) individually to discuss and review budget requests and priorities.

Nov-Dec

November-December

Overview

Integrated Planning reviews top priorities

Actions

  • VPs, the University Secretary and the AVPI present their portfolio's top priorities to the Integrated Planning Committee.

  • Integrated Planning reviews and prioritizes all resourcing requests presented, supported by Strategic Framework rationale and specific desired outcomes related to other institutional plans.

Jan

January

Overview

Planning and Budget Framework, Part I

Action

  • The Integrated Planning Committee prepares Part I of the Planning and Budget Framework, which includes an environmental scan and budget projection.

  • Part I is presented to Executive Council, the Senate Committee on University Budget, and Board of Governors for feedback.

Feb-Mar

February- March

Overview

February-March: Planning and Budget Framework, Part II

March: Board of Governors' approval

Actions

  • Integrated Planning Committee drafts Part II of the Planning and Budget Framework, which includes proposed resource allocations and changes to tuition and other fees.
  • Part II is presented to Executive Council, Senate Committee on University Budget, and Board of Governors for feedback.
  • The Board authorizes the President to develop and implement the detailed operating budget, based on Part I and Part II of the Planning and Budget Framework.

Apr

April

Overview

Budget letters

Action

Executive members send a summary of allocations to unit leaders (e.g., Deans, AVPs, etc.).

May-Jun

May-June

Overview

Goal setting

Action

Executive members set their portfolio goals for the coming year, working with their unit leaders.

May-Mar

May-March

Overview

Budget implementation

Actions

The Budget Office allocates resources to departments and units.

Budgets are managed and monitored throughout the year.

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