Budget projections are submitted quarterly for September, December and March and thereafter, monthly from April –June. A new fiscal year begins in July. In addition to an analysis of the operating and carry forward budgets, enrollment counts, clinical and other educational activities performance by cost center, a contingency plan and narrative are included with each projection. The narrative should include an explanation of any variances in performance to budget. By submitting projections, the University can anticipate programmatic and educational needs and more effectively plan for unbudgeted expenses. Projections also provide a basis for determining future budget revisions and adjustments.
Each school is provided a template to use to submit the projection within the monthly Operating Statement.
The Budget Office reviews all projections, assists with forecasting future financial needs and offers as much input as possible for finalizing each projection. This is accomplished by communicating with the school financial officers and considering strengths and weaknesses, assets, risks, trends and economic factors in order to research and analyze the projections.
Three year Budget Plans are submitted in December and in early spring, the Board of Trustees votes to accept the budget presented by the Vice President of Finance.