Budget Cycle

Comprehensive Summary — Central Budget Process/Cycle University of Minnesota — Biennial, Operating & Capital Budgets

MonthsBiennial BudgetAnnual Operating BudgetCompact CycleCapital Budgets
JuneEven 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").
AugustAgency Profile loaded into State SystemPlanning estimates of Revenues & Expenses created Continuation of July activities.
SeptemberBoard reviews Biennial ProposalBudget instructions to support unitsCompact instructions to support unitsBoard reviews Six-Year Capital Plan & final State Capital request.
OctoberBoard approves Biennial Proposal Proposal submitted to StateSupport Units develop compacts and/or budget submissions BCO* meetings with Support Units beginSupport Units develop compacts and/or budget submissions BCO* meetings with Support Units beginBoard approves Six-Year Capital Plan & final State Capital Request. State Capital Request submitted to the state for even-year "bonding" session.
NovemberState Revenue Forecast Meeting with MN Management & Budget on proposalBCO meetings continueBCO meetings continue 
DecemberTax & budget decisions made for Governor's Budget Governor's Budget RecommendationPlanning for investments & solutions to budget challenge Build recommendations on Support Unit budgets for President’s approvalFinal decisions on compact related items communicated to Support Units (late December or early January) 
JanuaryOdd year: Governor's Budget submitted to legislatureCost allocations calculated budget instructions to academic unitsCompact instructions to academic units 
FebruaryLegislative Hearings State Revenue ForecastAcademic units develop budgets BCO meetings with academic units beginAcademic units develop compacts BCO meetings with academic units beginInstructions to RRCs for Annual Capital Budget
MarchLegislative HearingsBudget Prep begins in EFS, Refine planning estimates of Revenues & Expenses BCO meetings continueBCO meetings continueUnit submissions due for Annual Capital Budget
AprilLegislative Hearings Legislative Targets set, Conference Committee beginsBuild recommendations on academic unit budgets for President’s approval  
MayConference Committee resolves differences Legislature passes Appropriation Bill & Governor signs it into lawPackage budget decisions Await Final State appropriation Potential Board Review of Recommended BudgetFinal decisions on compact related items (& other budget items) communicated to academic units.Board reviews Annual Capital Budget

* Budget/Compact Overview

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