Internal Budget Management and Monitoring

Final responsibility for the Internal Operating Budget at the University rests with the University’s Board of Trustees. The President presents the annual operating budget to the Board of Trustees for review and approval. 

Beginning fiscal year 2005, preliminary budget review and approval is made by the Board of Trustees prior to July 1 for the upcoming fiscal year, as part of their fiduciary responsibility to review, approve, and provide oversight of the institution’s annual budget.  The preliminary budget approval is based on estimated spending plans for the fiscal year.  After the Board has approved the preliminary budget, the University allocates funds to the divisions for their use and distribution. Once the process of allocation has been completed, the detailed budget information is input into the accounting system.  All accounts administered by the University must have an operating budget allocated by line item before expenditures can be processed.  An operating budget is a detailed plan of revenues and/or expenditures for a program or department of the University for the fiscal year, normally from July 1 through the following June 30.

Final approval, at the unit detail level, is made by the Board in September.  The Board is kept apprised of all material budget impacts and changes through meetings of the Board’s Finance and Audit Committee.   Once the University’s internal approvals are finalized the Board approved operating budget is sent to the IBHE.

Approved budget information is entered into the Banner system, the University’s computer system on a line item basis. A budget book is completed on a summary and departmental basis by line item, and distributed to UBC members, president and vice presidents. Deans receive pages for their entire college while fiscal officers receive relevant budget pages for their unit(s). Online access to the budget book is also available to the president, vice president, deans, and UBC members.

Budgetary activities are then reported on and monitored periodically. Fiscal officers use the "Web for Fiscal Officers" module to view their budget and actual transactions online. This module provides internal management information.