What’s budgeted centrally: Tuition and Fees, Financial Aid, Endowment Distribution, Enrollment (projected), Gifts, federal and state support, debt service, new initiatives. The budget cycle ends with the completed operating budget uploaded to Banner on July 1. ![]() The operating expense budget is adopted in May after the departmental expense budgets have been finalized. The projection is fine-tuned further, then reviewed again in February when the Board establishes the revenue budget for the upcoming year, which includes tuition, endowment spending, and other revenues. The five-year financial projection is presented to the Board of Managers’ Finance Committee the December meeting as well as the College Budget Committee (CBC) for their review. Once the baseline five-year projection is determined, additional assumptions and/or new initiatives are modelled. Assumptions driving the projection are updated, including enrollment data, the rate of increase for tuition, the College’s endowment return and distribution, faculty and staff salary increases, as well as the inflation factor used in determine revenue and expenditure increases. The process starts in September when the current year budget becomes the starting point for the five year projection. The operating budget planning process is a year-round endeavor that reflects the choices and priorities for allocating the College’s non-capital financial resources. The involvement of members of the senior administration leads to a deeper understanding of the nature of the University’s expenses, how services can be best delivered, and where and how savings may be realized.Contact Information Budget Planning Process Cost containment measures, which are often necessary because of the constraints on revenue, are applied by each campus and academic division based on its own circumstances. As a result, budgetary allocations are informed not only by the overall budget situation of the University but also by the circumstances of individual divisions and by their academic values and priorities. The review process, whether for academic or administrative divisions, amounts to a high level of engagement by the UTM and UTSC principals, as well as Deans and members of the senior administration in the budget process. The reviews inform approvals of enrolment targets, academic appointments, allocations from the University Fund, approval of campaign priorities, and approval of capital plans. These plans are discussed in individual review meetings with a Provostial committee that includes the Provost, the Vice Provost Academic Programs, the Vice President University Operations and Real Estate Partnerships, and senior staff in Planning & Budget. Expense projections take into account cost increases, changes in faculty and staff complement, student financial support, etc. Revenue projections are based on enrolment plans, new program offerings, advancement outcomes, etc. Each division submits a multi-year budget plan to the Provost based on its academic plans. The annual academic budget reviews (ABRs) take place throughout the fall term. Second, the review establishes spending priorities, considers the alignment of services between those provided institutionally and those provided in the divisions, and ensures that all possible cost reductions have been examined. First, the review ensures that any proposed changes in services are aligned with the needs and priorities of the academic enterprise. ![]() ![]() These plans are reviewed by the President, who takes advice from the Divisional Advisory Committee (DAC), which includes the Principals at UTM and UTSC, and representative Deans of Faculties. Two review processes are conducted annually, one for shared-services and the associated university-wide costs, and the other for UTM, UTSC, and the academic divisions.Įach shared-service division prepares multi-year budget plans for its units. ![]() Decisions are rolled up for review and approval, informed by relevant economic factors, risk assessments, collective agreements, provincial and University policies and then approved by administration and governance.Īn essential and major part of the annual budget process is the formal process for budgetary reviews for campuses, academic divisions, and shared-service divisions. The budget-setting process at the University of Toronto is very much a bottom-up process, whereby Deans and their teams in academic divisions and departments, and Principals and their leadership teams at UTM and UTSC, look at their own revenue and expense budgets and make decisions locally.
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