University of Richmond Budget Planning Process and Timeline The annual budget planning process is coordinated by the Budget Committee, appointed by the President. Members of the Committee are (1) the Provost and Vice President for Academic Affairs (chair), (2) the Vice President for Business and Finance/Treasurer, (3) the President’s Chief of Staff, (4) the Chair (or designee) of the University Faculty Council, and (5) the Chair (or designee) of the University Staff Advisory Council. In addition, the Associate Vice President for Business and Finance/ Controller serves as staff to the Committee. The larger Planning and Priorities Committee advises the Budget Committee throughout the planning period, as outlined below. October/November The Budget Committee Chair solicits budget planning proposals, not to exceed seven pages, from each of the five schools and major divisions of the University (VPs, AD, Chaplain). Banner Budget Request spreadsheets are also sent at this time. Budget planning documents are due December 1 and will address: • How the school or division will respond to the five principles of the Strategic Plan. (Proposals are congruent with the Strategic Plan, but not limited by the action steps listed in the Working Group drafts.) • Major concerns for planning period, highlighting vulnerabilities including existing expenses subject to unusual inflation. • Brief overview of goals for the next year and how, if at all, these goals have changed from last year. • Opportunities for significant new or modified programs, policies, or processes, including the potential for interdisciplinary and cross-school or cross-division collaboration. • Itemized budget request (using Budget Office spreadsheets) listing recurring and non-recurring needs in order of priority. The request should assume no automatic increases and should list top priorities as opposed to a long list of initiatives. (This combines the traditional base budget and program improvements processes used in previous years.) In addition to the budget planning documents, those offices/departments that generate revenues (SCS, MBA, Exec Ed., etc.) should provide gross revenue estimates to the Controller by mid-November, along with their recommendations for increases. In addition: • Auxiliary departments will provide revenue and expenditure budgets. • Business Office estimate of revenues other than tuition, room and board (TRB) is due November 1 to the Budget Committee. • Requests for new staff positions must be made using HR form to determine proper grade and salary range
The Planning and Priorities Committee will meet one or more times in November to review Macro Level Budget Models. These models will present alternatives for TRB and compensation increases, build in known uncontrollable costs and recommend total pool of funds available for allocation. The Committee’s major responsibility is to review macro budget drafts and provide feedback to the Budget Committee. The Planning and Priorities Committee’s deliberations on inflationary increases will help determine some of the parameters of the macro. December • • • Planning and Priorities Committee makes final recommendations on TRB to the Budget Committee and the President. Budget Committee holds budget meetings with each of the Deans, VPs, AD and Chaplain, along with their budget support staff. Budget Committee will present non-discretionary budget increases (uncontrollable increases such as electricity) to Cabinet for discussion and approval.
January • Tuition, room and board increases will be presented by the President to the Board for approval at January BOT meeting.
March • • Budget Committee presents draft budget to Cabinet for review. Budget Committee presents Cabinet-approved draft to Planning and Priorities Committee for final comment
April • • Final recommended budget presented to President by Budget Committee. President then presents final budget to Board of Trustees
General Guidelines • • • There is no annual inflation factor for non-personal services line items. Budget allocations will vary (not across-the-board) and are primarily based on furthering the five Strategic Plan priorities. Strategic Plan metrics (e.g., retention rate, diversity of students, faculty and staff, students engaged in community service, number of cross-school courses created) will be tracked annually and made part of budget planning cycle in succeeding years. The process for “one-time improvements” is folded into the regular budget process.
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