1. What is the University's Budget Cycle?
2. Where do I find the University's Operating Budget and Capital Budget?
3. What is the difference between the Operating Budget and the Capital Budget?
4. What is the Position Budget and where do I find it?
1. The University’s budget year starts on July 1 and goes through June 30. The financial planning usually begins in the fall and active budget development starts in January. Tuition projections are developed in March after Institutional Research determines the semester credit hour projections. Staff budgets are usually developed in June to include the most current salary and benefit information.
2. All of the budgets are available on the Financial Planning & Budgets website. The Operating Budget contains the detailed departmental budgets and the Capital Budget details the current and future needs of the University. Published copies of both budgets are available in the Park Library.
3. The Operating Budget is the projected revenue and expenses for day-to-day operations of the University. The primary sources of funding are Tuition and Fees, State Appropriation and departmental revenue. The Operating Budget is approved in July by the Board of Trustees.
The Capital Budget provides a long-term perspective involving deferred maintenance, renovations, construction, and major equipment purchases that require funding of $25,000 or greater. The funding for the Capital Budget comes from transfers from the operating budget, residence & auxiliary services, parking services and occasionally special funding provided by the State of Michigan.
4. The Position Budget is a detailed listing of all the staff and regular faculty position. It is by center, department, and position. It lists the current incumbent of the position and their salary and current benefit amount. This information is used in the departmental budgets. The Position Budget is available on-line with security access due to the confidential nature of the information. Published copies are available in the Park Library.