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Budget Cycle

University System of Georgia. Budget Cycle. Georgia Institute of Technology Business Directors’ Forum August 13, 2014. USG Budget Cycle. FY 2015 Current Budget - $7.79B. FY 2015 Budget GTECH: $1.204 Billion (15.5%). Fall 2013 GTECH Enrollment: 21,471 of 309,469 (7%).

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Budget Cycle

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  1. University System of Georgia Budget Cycle Georgia Institute of Technology Business Directors’ Forum August 13, 2014

  2. USG Budget Cycle

  3. FY 2015 Current Budget - $7.79B FY 2015 Budget GTECH: $1.204 Billion (15.5%) Fall 2013 GTECH Enrollment: 21,471 of 309,469 (7%)

  4. FY 2016 Budget Cycle • June – September 2014 • Budget Instructions Released (July) • Development of FY16 Budget Request • September 2014 • Board Approves FY16 Budget • September 2014 • USG Submits FY16 Budget Request for State Funds to Governor June July May August September April FY 2015 FY 2016 (Development) • Requirements: • New or changes in square footage • Employee information by plan to project needed funding for health insurance increases • Estimated number of Retirees for the upcoming year • Usually due end of June, beginning of July October March November February December January

  5. FY 2016 Budget Cycle June July • October to December 2014 • Budget Development Phase II May August • Requirements: • Enrollment projections • Undergraduate and graduate • Revenue projections for all other fund sources (tuition, fees, DSS sponsored, etc.) • Mandatory Fee Requests • Usually due early to mid December September April FY 2015 FY 2016 (Development) October March November February December January

  6. FY 2016 Budget Cycle • Governor meets with Chancellor and other select agencies heads to discuss request. (Nov – Dec) • January 2015 • Governor Releases Budget Recommendations • January to March 2015 • General Assembly Finalizes FY16 Appropriations Act June July May August • Requirements: • Professional & Graduate Tuition Request • Due mid-January • New information required (i.e. enrollments, placements, etc.) • Institutional Budget Hearing Narratives for Research Universities • Due mid January • Hearings – Nov – Feb. • Five-year Business Plans (Auxiliary Enterprises and Student Activity Fees September April FY 2015 FY 2016 (Development) October March November February December January

  7. FY 2016 Budget Cycle • April 2015 • Board Approves Allocations, Tuition and Fees • April – May 2015 • Institutions Develop and Submit FY16 Budget • May 2015 • Board Approves FY16 Budget (By Institution) • June 2015 • FY16 Annual Operating Budget Submitted to OPB June July May August September April FY 2015 FY 2016 Requirements: Input from Presidents regarding Tuition during budget hearings Institutions submit budgets for upcoming year based on Board approved actions in April regarding allocation of state funds and tuition and fee increases October March November February December January

  8. FY 2016 Budget Cycle June July • Start all over again!!! • FY17 Budget Development May August September April FY 2015 FY 2016 FY 2017 (Development) October March November February December January

  9. Quarterly Reporting Sign off of President and CBO required for Quarterly Financial Reports

  10. Other Resources Budget Issues Committee • Steve Head, Georgia Institute of Technology Budget Workshop • June 2014 Georgia Summit • September 2014 • Increased financial focus

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