Budgets are created for a three-year rolling period and are approved with an emphasis on the next FY (fiscal year) and a general approval for future years. Your Program's Box folder will have an approved budget for the current year and a draft budget for next year. Fiscal years are named for the year in which they end (e.g. FY20 is Summer 2019-Spring 2020).
The basic steps
-
Program Leads work with their program faculty to review, revise, or generate a budget.
-
Program Leads discuss their budget with their assigned Dean, checking for accuracy.
-
The Dean and Program Lead talk through their budget proposals with the VP of Operations and Strategic Planning and the Director of Business Services and Analytics at a set meeting date and time.
-
These two individuals “roll up” the budget requests, looking at changes from the previously approved budgets and the implications of the newly proposed budget. The difference is called the “incremental request.”
-
The incremental requests are compared to our projected revenues. In most cases, our requests exceed our revenues. That’s when the hard work begins. The Vice-President's Leadership team then looks at what is proposed for funding and what needs to be pushed out for funding at a later date.
-
Once the budget balancing is complete, Program Leads will be given a tentative budget, particularly related to staffing, in January. This step will confirm staffing for the following year so that we can have class schedules in place for the Fall term.