Budget Planning Process
Section 62 (2) of the University Act requires the President ‘to prepare and submit to the board an annual budget in consultation with the appropriate standing committee of the senate.’ The appropriate standing committee of the senate is the Planning & Priorities Committee (P&P).
The overarching goal of the budget process is to align resources to support the achievement of the mission of the University. Integration of budget planning is achieved through an iterative consultative process, using existing committee structures within the University throughout the budget development process to enable broad participation and consultation.
The Vice President Administration and Finance, through the Director Financial Services and the Financial Manager of Budgets and Financial Planning is responsible to lead and coordinate the process. The overarching goal of the budget process is to align resources to support the achievement of the mission of the University. As already mentioned, planning is a precursor to informing the budget process and for providing substantiation for existing or changing resources. The budget process is a collaborative process to build the financial plan that reflects the plans and priorities within the University’s financial resources. The budget process provides the mechanisms for informing, and being informed by (“intake”) budget holders and others.
Part of the process is compilation of an environmental scan from inputs across the University, external stake holders, applicable trending and post-secondary research. The annual budget letter from the Vice-Presidents provides the broad parameters guiding budget submission.
During December and January, information is consolidated for review and compiled into a University wide document for review, consultation, and approval from February to March by appropriate committees and decision bodies.
A complete description of the Budget planning process, including key Dates and milestones, is posted on the website each year.