Budgeting at Memorial

March to April Provincial Budget is announced which includes the Operating Grant.
April to May A balanced budget is prepared by the Director of Budgets and presented to President's Executive Council for decision.
May The Operating Budget is presented to the Board of Regents for approval. Initial allocations are communicated to Envelope Heads though the Director of Budgets.
June Unit allocations are made by Envelope Heads. By June 15 Units are informed of their final Budget Allocation for the current Fiscal Year.
June to July Budgets Allocations (balanced to total allocations) are entered into FAST budget system by the Units. Permanent position salary and benefits are entered into FAST by the Budget Office. Unit’s Base Budgets are transferred to Banner Finance/FAST Reporting as completed and no later than July 31.
Ongoing Budget transfers for One-Time Allocations are prepared and entered into FAST. Units monitor budgets, and prepare budget forecast templates which are compiled by the Budget Office to prepare the forecasted financial position for the current year for the Board of Regents.

*Envelope Heads may require Units to submit budget requests as part of this cycle.

The budget cycle at Memorial University may change depending on fiscal circumstances, however there are some documents and procedures that remain consistent annually. The Budget Office is responsible for preparing the Government Budget Submission to the Department of Advanced Education & Skills, Government of Newfoundland & Labrador, Government Grant Reconciliation, Budget Envelope Allocations, Permanent Position Salary Calculations, Salary Allocation of the Budget in FAST and Banner Finance, Budget Forecasts, Budget Transfers, and calculating Departmental Carryover among other various tasks. The approximate timelines and a description for these documents are as follows:

  • The Government Budget Submission is normally prepared between July and September. Content includes projections for salary and benefits for Staff, Faculty (MUNFA), LUMUN, Marine Institute Instructors; as well as, forecasted operating expenses, capital requirements and strategic initiatives. This document is presented to the Board of Regents in October for approval. Once approved, the Government Budget Submission is submitted to the Government of Newfoundland & Labrador (historically Oct. 31).

  • The Government Grant Reconciliation is completed after the provincial budget has been announced in April/May. This document provides details on the increases or decreases in our government grant from the previous fiscal year, and departmental financial impacts are outlined and are presented to the Board of Regents for approval in May.

  • The Budget Envelope Allocations are prepared and communicated to the envelopes after the Budget has been approved by the Board of Regents in May. The Envelope Budget Allocations take into account such base budget adjustments as changes in the government grant, forecasted changes in tuition revenue, salary step turnover calculations, salary collective agreement requirements. Once the envelopes receive their allocations, decisions are made by the leadership as to how the allocations will be distributed to their departments.

  • Permanent Salary Calculations are prepared annually. The Budget Office maintains the costings of the all permanent positions at the University. This includes the process of determining the salary step turnover due to resignations, new hires, and retirements as well as the allocation of the salary step turnover to the positions which are not vacant. The process of calculating salary step turnover is required due to the provincial government ceasing the practice of providing $1.6 million annually to the University for 75 per cent of the annual step cost. This process also includes calculating additional budget requirements for collective agreement increases for permanent positions. Although calculations are performed for all permanent positions, departments only receive budget adjustments for centrally funded permanent positions.

  • Allocation of the Budget in FAST and Banner commences once departments receive their budget allocations from the envelope head (President or Vice-President). Departments are required to to balance to their allocations using the Fast Administration Support Tool (FAST). The Budget Office provides a high level of assistance to departments in this exercise.

  • Budget Forecasts are completed on a regular basis, which varies depending on Board of Regents requirements. Each department is provided with a Budget Forecast that provides the current year budget in detail (i.e. Base Budget, Budget Transfers, Adjusted Budget, Year to Date Activity, Encumbrances, and Forecasted Expenditures and Forecasted Journal Entries) and also any previous year’s actual expenditures and budget for comparative purposes. The Budget Forecasts are sent out to departments for completion. The responses from departments on their forecasted financial position at March 31 is used to prepare a summary report for the Board of Regents, that provides the forecasted financial position of the University projected to March 31 of the current fiscal year.

  • Budget Transfers are prepared to reallocate the budget among the expense categories on a one-time basis. Budget transfers are required throughout the fiscal year to transfer salary savings, carryover funding, and funding to and from other departments. All Budget Transfers are approved and finalized by the Budget Office.

  • Carryover is calculated by the Budget Office after year end and the accrual period has closed for the fiscal year. The Budget Office prepares carryover letters which are presented to the envelope management which is then in turn communicated to departments. Carryovers are the property of the individual departments.

As you can see, there are many aspects of budgeting at Memorial which are guided by the Budget Office. The tasks listed above are just a few of our main functions. If you have further questions or require further information regarding the budgeting process at Memorial, please do not hesitate to contact the Budget Office.