University Budget Process
The annual university budget is the financial plan for how the university will receive and spend funds in a fiscal year (May 1 to April 30). The budget document:
- represents a statement of allocation of resources
- includes an estimate of revenues and expenditures
- allows for the prioritization of resources to be allocated in a way that achieves the goals and objectives of the university
- provides accountability to stakeholders
Budget reports for the past four years are available on the Annual Budget Reports page.
University budget development and management
When it comes to developing and distributing the university’s annual budget strategy and managing finances throughout the fiscal year, various groups are in place to take the lead.
Development
During the centralized budget planning, development, consultation and town hall stages, activities are overseen by the provost’s office.
The Macro Planning Committee, also known as the budget committee, then reviews and approves all operating and capital funding requests, and also determines the strategy and process for the annual budget to follow. This committee determines the allocation of additional base and/or non-base resources.
Once the annual budget is approved, it is then distributed to the university’s vice-presidents, who are then responsible for sharing the document with divisional leaders who disseminate details to their individual departments.
Monitoring and managing budgets
This level of leadership is responsible for all savings or overruns within their divisions.
This group is accountable for the funds they manage individually. Specifically, budget managers are responsible for requesting and/or approving budget changes, transfer requests, approving transactions and payment requests in compliance with the university’s policies and procedures.
Annual budget process
In preparation for the following year’s budget document, these activities are scheduled to take place:
| Month | Activity |
|---|---|
| November / December | Update budget projections and estimates. |
| January/February | Academic and administrative units receive their preliminary base budget package and prepare required budget submission. Multiple discussions of budget submissions take place with VPs and unit heads as well as with the Macro Planning Committee. |
| March | Broad community consultation and town halls take place. The university budget is finalized based on consultation, submissions and government funding. |
| April | Final budget is approved by the President. The detailed budget is presented to Finance Committee; and approval of budget and fees by Board of Governors. |
| May | Implementation of approved budget. |
Find more on the budget process, including TMU's guiding principles and budget timelines.