By late November, the Committee on Funding Priorities completes its statement on funding priorities and forwards them to the Budget Committee, which crafts a preliminary budget that reflects the funding priorities set forth by the Committee on Funding Priorities. In early January, the committee presents a preliminary budget to the President. Once approved, it is presented to the University community in a well publicized open forum and other venues as appropriate. In mid-January, the President and Senior Vice President for Administration and Finance hold preliminary budget discussions with the Financial Affairs Committee of the board. A formal presentation of the budget is presented by the Financial Affairs Committee to the full board by mid-March.
Planning is currently underway for future enhancements to the budget process.
Specifically, the budget calendar will be improved by starting the process earlier, and the preparation of budget requests will span three years. In addition, mechanisms for the linking of planning to the budget process will be implemented. The budget process will be coordinated with the work of the Office of University Planning and Research with respect to long-range plans for enrollments and other matters of financial significance. As part of the overall budget process, the University's salary budget and annual raise pool, if any, is determined by the President with recommendations from the Financial Priorities Committee. The President, working with the Budget Committee, makes policy decisions such as the percent of the raise pool, as well as determining if hiring freezes or position cuts will be needed.