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Preliminary Budget 2014-2015

Preliminary Budget 2014-2015. Office of the Vice President Finance Presented by: Mateusz Miadlikowski. Overview. Preliminary Budget Process Current Situation Challenges and Changes Moving Forward. Bylaws, Timeline, Process, Code, Amendments. Preliminary Budget. Bylaws, Code, Timeline.

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Preliminary Budget 2014-2015

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  1. Preliminary Budget 2014-2015 Office of the Vice President Finance Presented by: Mateusz Miadlikowski

  2. Overview • Preliminary Budget • Process • Current Situation • Challenges and Changes • Moving Forward

  3. Bylaws, Timeline, Process, Code, Amendments Preliminary Budget

  4. Bylaws, Code, Timeline • Bylaw 11: 1b, 1d • The budget committee purpose: to review the budget prepared by the Vice- President Finance • The budget committee’s approval- budget committee submits the budget to Council for its approval. • Code Sec IX B Article 8. • Council’s approval of the preliminary Budget by April 30th- Amendment- first meeting of May • Preliminary Budget shall include: • Actuals from previous fiscal year, variances, next fiscal year projections • Figures for the overall revenues and expenditures of each major division of the Society (business and administration as a whole, all student government departments collectively, Student Services as a whole, etc.) • Final Budget shall include: • Detailed breakdown of revenues and expenditures within each department (each commission, business, staff, executive member, etc.)

  5. Process • Internal review of Actuals 13/14- not final • Departments: • Documents sent: handbook, budget template for each department • Required Documents: filled budget template, priorities, justifications, statement, presentation • Review by the VP Finance • Individual meetings with the heads of departments- VP Finance and Executive Director • Final Review, adjustments, consolidation • Submission to the Budget Committee • Budget Committee’s review- 1st session • Adjustments of the Budget, provision of additional information

  6. Where are we? Current situation

  7. Preliminary Budget • Detailed breakdown of projected revenues • Detailed breakdown of expenditures for each department • Business Contribution at $ 485K- BAGB • Budgeted Surplus over $ 400K • Previous Structural Deficit • Ending Fiscal 13/14 with a surplus • Lower expenditures • Higher business contribution • Possible elimination of the entire structural deficit

  8. Delay Challenges and Changes

  9. Challenges and Changes • Changes: • New structure of the Budget Committee • Executive Director- reporting structure • Fee changes- elimination and decrease of particular funds

  10. Challenges and Changes • Challenges: • Unknown • Referendum and AGM • Events- Block Party and Welcome Back BBQ • Scheduling issues • meeting quorum • setting times • Actuals 13/14 • Closing year • Audit- confirmed actuals

  11. Preparation of the Budget Moving Forward

  12. Moving Forward Appointment of Budget Committee’s Chair Preliminary Budget- June 11th Final Budget- late June

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