M E M O R A N D U M. Cathy Dempsey, Director, Finance and Administrative Services

Transcription

1 M E M O R A N D U M DATE: September 13, 2012 TO: FROM: SUBJECT: Deans, Directors, Budget Officers and Budgetholders Cathy Dempsey, Director, Finance and Administrative Services Revised Budget Process As many of you have heard, the Budget Process will be revised in order to present a budget to the Board of Governors in February In order to implement these new budget cycles, revision to the current quarterly financial reporting cycle will be necessary. The attached Budget Schedule is for your information and planning purposes. The One-Time Strategic Investments process will occur simultaneously with the budget process to ensure that budget allocations are available to all areas by the beginning of the fiscal year. If you have any questions or concerns regarding the revised schedule, please them to Cherie Goebel at goebelc@algonquincollege.com.

2 Budget Schedule September /13 Q1 Financial Report (for PC only same as last September 5, 2012 year, will not present to BOG) October 2012 President s Council (PC) Retreat October 1-2, Identify assumptions for enrolment growth, salary and - Draft and present 2013/14 Business Plan priorities October 25-26, 2012 College Leadership Council Retreat - Confirm assumptions for enrolment growth, salary and October 9-19, Further refine 2013/14 Business Plan priorities Prepare 2012/13 Q2 Financial Review - all departments using BUS November 2012 PC/College Leadership Council solves projected 2013/14 budget deficit 2012/13 Q2 Financial Report presented to BOG November 12, 2012 December 2012 One Time Investments for 2013/14 are identified BUS opens to start preparing 2013/14 Annual Budget 2013/14 Budget Assumptions and 5 Year Pro Forma presented to BOG for information January /13 Q3 Financial Review - only significant changes will be updated - Finance will prepare report for BOG centrally (ie. Will not use BUS for Q3) BUS Closes /14 Annual Budget report prepared and presented to PC for approval February /13 Q3 Financial Report presented to BOG Annual Budget 2013/14 Presented to BOG for approval December 3, 2012 December 10, 2012 January 14, 2013 January 23, 2013 February 11, 2013

3 To: Budget Officers From: Cathy Dempsey, Director, Finance and Administrative Services Revised Budget Process The Budget has traditionally been presented annually to the Board of Governors in April after the Provincial budget speech. Decisions regarding how best to allocate the scarce one-time investments funding occurs in May or June two to three months into the new fiscal year. This results in delays to starting projects as budget holders await final President s Council and Board of Governors approvals. Informal discussions have occurred amongst various administrative levels suggesting changes and improvements to the current process to assist Areas with achieving the College Strategic and Business plan goals and priorities. In order to accomplish these targets, Finance along with a committee comprised of a representative from each Area formulated recommendations and assist with setting targets to achieve a balanced budget. In order to implement these new budget cycles revisions to the current quarterly financial reporting cycle will be necessary. At a high level the following changes will occur: Financial Services will complete a Q1 report without detailed changes flowing through BUS 5-year pro-forma will be prepared in September No change to the Q2 process CLC will have the opportunity to provide input into the budget as part of the budget consultation process Area Budget planning and proposals will occur in October and November Final balanced pro-forma budget to be completed by end of November BUS will open in early December for and will close in mid-january therefore the Q3 report will not be updated in BUS by the Areas Budget will be finalized by end of January for President s Council Budget presentation to Board of Governors in February The One-Time Strategic Investments process will occur simultaneously with the budget process to ensure that budget allocations are available to all areas by the beginning of the fiscal year. Attached is the Budget Schedule for If you have any questions or concerns, please contact me at ext or at dempsec@algonquincollege.com.

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5 Draft Budget Schedule Appendix B September /13 Q1 Financial Report (for PC only same as last September 5, 2012 year, will not present to BOG) October 2012 President s Council (PC) Retreat October 1-2, Identify assumptions for enrolment growth, salary and College Leadership Council Retreat October 25-26, Confirm assumptions for enrolment growth, salary and Prepare 2012/13 Q2 Financial Review October 9-19, all departments using BUS (note: propose that this is only full in-depth BUS update for the year so we may accommodate delivery of 2013/14 Annual Budget in February 2013) November 2012 PC/College Leadership Council solves projected 2013/14 budget deficit 2012/13 Q2 Financial Report presented to BOG November 12, 2012 December 2012 One Time Investments for 2013/14 are identified BUS opens to start preparing 2013/14 Annual Budget 2013/14 Budget Assumptions and 5 Year Pro Forma presented to BOG for information January /13 Q3 Financial Review - only significant changes will be updated - Finance will prepare report for BOG centrally (ie. Will not use BUS for Q3) BUS Closes /14 Annual Budget report prepared and presented to PC for approval February /13 Q3 Financial Report presented to BOG Annual Budget 2013/14 Presented to BOG for approval December 3, 2012 December 10, 2012 January 14, 2013 January 23, 2013 February 11, 2013

6 Key Dates For Business Administrators & Budget Officers Q2 Quarterly Report Instructions sent Monday, Sep 24 September Month End Cut Off Wednesday, Oct 3 **NB: One Day Early** BUS opens Noon, Friday, Oct 5 BUS closes 4 PM, Friday, Oct /14 Budget Prep Instructions sent Monday, Nov 26 Budget Information Session Thursday, Nov 29 2:00 3:30 p.m. T102 a & b BUS opens* Noon, Monday, Dec 3 BUS closes* Noon, Monday, Jan 14 BUS will not be opened. Q3 Quarterly Report *subject to change Z:\MEMO - Internal\2012\Sept 2012\ Proposed Key Dates Sept docx