Budget Cycle
Comprehensive Summary — Central Budget Process/Cycle University of Minnesota — Biennial, Operating & Capital Budgets
| Months | Biennial Budget | Annual Operating Budget | Compact Cycle | Capital Budgets |
|---|---|---|---|---|
| June | Even year: budget instructions received from state (proposal development June- October) | President's Recommended Budget reviewed & approved by Board Final budget prep entry into EFS | Board approves Annual Capital Budget. Board also reviews preliminary State Capital request (as an 'Information Item') for even-year session. | |
| July | New Fiscal Year begins | Six-Year Capital Plan consultation and development. Legislative tours start (more likely in odd years leading up to even-year "bonding session"). | ||
| August | Agency Profile loaded into State System | Planning estimates of Revenues & Expenses created | Continuation of July activities. | |
| September | Board reviews Biennial Proposal | Budget instructions to support units | Compact instructions to support units | Board reviews Six-Year Capital Plan & final State Capital request. |
| October | Board approves Biennial Proposal Proposal submitted to State | Support Units develop compacts and/or budget submissions BCO* meetings with Support Units begin | Support Units develop compacts and/or budget submissions BCO* meetings with Support Units begin | Board approves Six-Year Capital Plan & final State Capital Request. State Capital Request submitted to the state for even-year "bonding" session. |
| November | State Revenue Forecast Meeting with MN Management & Budget on proposal | BCO meetings continue | BCO meetings continue | |
| December | Tax & budget decisions made for Governor's Budget Governor's Budget Recommendation | Planning for investments & solutions to budget challenge Build recommendations on Support Unit budgets for President’s approval | Final decisions on compact related items communicated to Support Units (late December or early January) | |
| January | Odd year: Governor's Budget submitted to legislature | Cost allocations calculated budget instructions to academic units | Compact instructions to academic units | |
| February | Legislative Hearings State Revenue Forecast | Academic units develop budgets BCO meetings with academic units begin | Academic units develop compacts BCO meetings with academic units begin | Instructions to RRCs for Annual Capital Budget |
| March | Legislative Hearings | Budget Prep begins in EFS, Refine planning estimates of Revenues & Expenses BCO meetings continue | BCO meetings continue | Unit submissions due for Annual Capital Budget |
| April | Legislative Hearings Legislative Targets set, Conference Committee begins | Build recommendations on academic unit budgets for President’s approval | ||
| May | Conference Committee resolves differences Legislature passes Appropriation Bill & Governor signs it into law | Package budget decisions Await Final State appropriation Potential Board Review of Recommended Budget | Final decisions on compact related items (& other budget items) communicated to academic units. | Board reviews Annual Capital Budget |
* Budget/Compact Overview
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