Deans, Directors and Department Heads must submit a strategic resource plan (SRP) annually. Templates are distributed late summer/early fall to help guide this process. The process is led by the office of the Provost and Vice-President (Academic). More information and a sample of the most recent SRP template can be found on their Resource Planning webpage.
Income funded templates
Income funded projects or initiatives are revenue generating activities typically initiated by a faculty or administrative unit as a result of targeted external funding or a desire to enhance the student experience or learning. Ancillary Services such as the bookstore, parking and residences are also categorized as income funded initiatives. Late January, faculties and administrative units receive historical financial results of their income funded projects and must prepare a detailed revenue and expense budget for the upcoming fiscal year. The income funded fund predecessors are 1210, 1220, 1280, 4000 and 4200.
Targeted tuition is similar to income funded initiatives except that all revenue is assessed and collected as fees through the Aurora student registration system. Faculties that collect targeted tuition, receive a targeted tuition template in late January. At a minimum, the unit is responsible for budgeting the total amount of revenue and expense for each targeted tuition fee. The Financial Planning Office also works with individual faculties that wish to reflect more detailed expenses in the budget load. Please contact the Financial Analyst for more information. The targeted tuition fund predecessors are 11101 (revenue) and 12605 (expenses).
Budget reduction calculation
The university has limited control over much of the revenue that supports its operating budget. In order to balance our budget and reallocate funds to top commitments and strategic priorities faculties and administrative units may be asked to reduce their basic operating budget. In years when this is required, each faculty and unit will be provided with their budget reduction amount and must identify the expense accounts to be reduced. For reference, an explanation of how the basic budget is calculated can be found on the Other Documents and Resources.
To more accurately reflect planned spending, units may maintain their budget by submitting budget transfers throughout the year that reallocate budgeted amounts among their funds, organizations and accounts. These requests are reviewed and approved by Budget Accounting Services
Provision and Capital requests
The university maintains various capital and specific provision funds for both university wide and faculty and administrative unit requirements. These can be funded through a variety of sources including donations, government grant or a reallocation of excess operating funds. Units may request the creation of a new fund and/or a transfer of funds using the forms on the Financial Services website.
For all requests from operating to provisions and/or capital, Financial Services will confirm availability of funds, reasonableness of the request in relation to forecasted results and the status and progress relating to previous funding for the initiative.
The Financial Planning Office and the Provost Office will approve the request once alignment to the unit and University strategic priorities is confirmed. The repurposing of previously approved Specific Provisions/Capital Funds requires approval and a new agreement between the unit and the Vice-President (Academic) Office and Vice-President (Administration) Office.
In an ideal world the budget would fund all of the university’s financial needs – no more, no less. Unfortunately we do not live in an ideal world so, in any given year, units will end with more or less operating budget than is actually needed. The difference between the adjusted budget and actual expenses, whether negative or positive, is called carryover and is moved to a provision fund at the end of the fiscal year. Subject to a few exceptions, the current policy allows faculties and administrative units to retain 100% of their carryover.