When are next fiscal year’s budget request initiated?
Historically, new year budget request were normally begun in June with final year-end figures and a position listing being distributed in the first week of July for estimating purposes. However, the University is now formalizing budgets for all entities earlier with final submission dates to the Board of Trustees typically in May. This represents an added responsibility of estimating next years budget without the advantage of the prior years full activity available as a guideline. However, departments can also review their historical year-end figures for trend analysis. It is likely that current and future budget cycle request will begin in March/April in order to meet a May submission date. Departments are encouraged to put together business plans that estimated revenues and expenditures three to five years out based on a strategic plan with identifiable goals and objectives.
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- When are next fiscal year’s budget request initiated?
