Download - Preliminary Budget 2014-2015 Office of the Vice President Finance Presented by: Mateusz Miadlikowski
Overview
1. Preliminary Budget
2. Process
3. Current Situation
4. Challenges and Changes
5. Moving Forward
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.)
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
• 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
Challenges and Changes
• Changes:– New structure of the Budget Committee– Executive Director- reporting structure– Fee changes- elimination and decrease of
particular funds
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
Moving Forward
• Appointment of Budget Committee’s Chair• Preliminary Budget- June 11th • Final Budget- late June