Budget Management Precepts

The University Budget Committee is chaired by the president and consists of the president and senior vice presidents. The University Budget Officer acts as secretary and staff for the committee.

The University Budget committee will meet in July as a new fiscal year begins and then routinely on a quarterly basis. Interim meetings are called as needed.

Revenue projections will be developed and updated by the University Budget Division which the University Budget Committee will use to determine the availability of funds for allocation. Appropriate reserves for contingencies will be established based on a listing of probable needs and the likelihood of developing needs within the remaining period within a fiscal year.

Requests for funds from the University central contingency are prepared by each vice president, dean, or director for programs in his/her area and submitted to the appropriate vice president. Agenda items for budget conferences are submitted by the respective senior vice presidents to the Director of the University Budget Office who prepares agenda, schedules meeting dates and assembles pertinent documents and information needed for the meetings.

All requests must be submitted no later than an announced date to allow time for the University Budget Office to review requests and prepare agenda, comments, and cover sheets reconciling budget request data to budget office analyses. Comments will include the appropriateness of a request from central funds and other possible sources of funding.

In the case of an emergency which requires immediate central administration budget attention, a request for presidential consideration is submitted through the appropriate vice president to the University Budget Office who will schedule a meeting with the president and the concerned persons as soon as possible. Presidential action will be recorded by the University Budget Office and circulated in the form of minutes to all members of the University Budget Committee.

Budget and fiscal management of academic and other University programs is the responsibility of the respective deans, directors, and vice presidents.

Deans directors, and vice presidents have the flexibility to shift funds during the year and are expected to fund all ongoing needs, requesting funds from the central contingency only in cases of changes in scope of ongoing programs or for support of new programs. The University Budget Committee is concerned primarily with institution-wide planning and objectives and not in meeting ongoing day-to-day operating needs.