Budget Management

The Financial Planning and Budget Office has a coordinating role with respect to the budget, providing advice and information to the Executive Committee on the relationship between planning objectives and the budget and competing budget priorities. The resulting budget should be an outcome of discussions at all levels within the University relating to priority setting in accordance with University goals, strategic plans, acknowledgement of achievements, responses to new demands and opportunities, acceptance of the need to find room for new initiatives through phasing out or limiting existing activities to look beyond the time frame of the current year.

The University budget will aim to achieve a balanced consolidated budget after taking into account all sources of income and transfers. Therefore, all budget units are expected to plan their annual budgets, taking into account using all sources of income, with no deficit unless otherwise approved by the Executive Committee.

Schools are encouraged to create Reserves for equipment replacement, restructuring, matching funds and funds for strategic initiatives while maintaining minimum balances.

Unspent balances in carry forward cost centers of a school in a given year will be carried forward into the next fiscal year.

The above guidelines are reviewed annually by the Financial Planning and Budget Office and the Executive Committee.