Budget Cycle

Below is a description of the annual budget cycle. It starts with budget planning for the new fiscal year in October. Closing and Carry Forwards represent the fiscal year that has just ended.

Budget Planning

In early October, a Budget Letter and Guidelines for the new fiscal year budget are issued jointly by the Provost and the EVP. Budget plans are usually due in early December and are discussed at budget meetings during the months of December and January.

Budget Submissions

The budget submission period starts at the beginning of February and ends on the Friday of the last week of February. The schedule may vary from year to year, so please refer to the updated schedule for the current year. Nimbus training classes are held from late January through February. All Nimbus users will receive a schedule of training classes by email. The budget preparation guide and related information, updated each fiscal year, will be posted on the Nimbus Launcher Page.

After the budget has been submitted, the Budget Officer who is in charge of the area reviews the budget submission and approves it. Verification reports will be mailed to the submitter(s) by the end of March.

Budget Approval

Submitted budgets are officially approved by the Executive Committee in early May. After this approval, Initial Budget Authorizations are sent to the supervisor and the addressee of each Cost Object.

Global Changes

In June, Approved budgets are adjusted to reflect salary increases based on increase percentages approved by the Salary Subcommittee of the Corporation and provided by the Human Resources department. During this process, graduate student stipend and tuition budgets are also adjusted to the rates applicable to the new fiscal year. Global Change Budget Authorizations are sent to units after this process is completed.

In most cases, non-base budgets will not be increased by the application of salary increase percentages.

EB Rate Changes

After Global salary changes have been processed, the budget is adjusted based on the EB rates applicable to the new fiscal year. EB Rate Change Budget Authorizations are sent to units after this process is completed.

In most cases, non-base budgets will not be increased by the application of new EB rates.

Off-Cycle Budget Requests (Administrative Departments)

See Budget Changes.

Closing

Closing at the end of the fiscal year.

Carry Forwards

Carrying forward unspent dollars to the next fiscal year.