Budget Process

Budget Planning  Process

OVERVIEW

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 overreaching 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 Manager of Budgets and Financial Planning, is responsible to lead and coordinate the process.

President's Council, Planning and Priorities Committee of Senate (P&P), and the Finance Committee of the Board of Governors will be consulted at three key stages of the process –

(1) Key Messages (inform the Budget Letter to the University Community)

(2) Consolidation of Deliberations and

(3) The Draft Proposed Budget Report. 

Students will be invited to participate in an environmental scan early in the budget process and they have representatives present on P & P, Senate and the Board of Governors.  To keep the University community at large and other stakeholders informed, various forms of communication including written updates or forums will be utilized.   

In early fall, Senior Budget Holders –  President, Vice President Academic, Vice President Administration and Finance, Associate Vice President Academic - will meet to gain consensus around assumptions and priorities informed by an environmental scan.  The environmental scan will be prepared and presented by key stakeholder groups such as: Office of the PVPA to present Academic Plan and priorities; Financial  Services – presentation of financial analysis; Human Resources – demographic  and key driver analysis; University Planning and Analysis & Registrar  – FTE analysis and registration trends; and Student representatives - student trends and perspective.  The summary of the assumptions and priorities will be taken for broader consultation to President's Council, P&P, and the Finance Committee of the Board prior to the release of the University Budget letter and call for budget submissions. 

From October to December, updates and/or submissions will be developed by Deans, Principals and Directors in consultation with their respective VP.  The VPs' will present their Divisional Budgets to President's Council to kick off the budget presentations.  December, Senior Budget Holders will listen to presentations, ask insightful questions and provide input from an institutional perspective.  Financial Services will consolidate the deliberations into a draft budget strategy. The draft budget strategy will be presented to the President's Council, P&P, Senate, and the Finance Committee of the Board beginning in February/March to assist in finalizing a draft budget. 

In March/April the final draft budget will be presented to President's Council, P&P, and Senate for information and discussion prior to being presented to the Board for approval.