The university’s financial cycle ensures strategic alignment and transparency through annual budgeting, quarterly forecasting, and comprehensive reporting. Budget development runs from September to March, engaging leaders across colleges and units. Quarterly forecasts guide decision-making and risk management, culminating in an audited annual report tabled in the provincial legislature.
Integrated financial cycle
Planning and budgeting
Annual budgets are developed between Sept. and March to align with academic programming. Leaders across colleges and units contribute to this process.
Monitoring and reporting
The university prepares quarterly forecasts engaging leaders to anticipate risks and guide strategic decision making.
Annual report
Culminates in a comprehensive annual financial report, including the audited statements reviewed by the Provincial Auditor and tabled in the legislature.
Annual financial planning and reporting timelines
Reporting timelines
Quarterly forecasts and variance analysis:
- Q1 results (May, June, July): prepared in August presented to the Audit and Finance Committee (AFC) in Sept.
- Q2 results (Aug., Sept., Oct.): prepared in November presented to AFC in December
- Q3 results (Nov., Dec. Jan.): prepared in February presented to AFC in March
- Q4 results (Feb., March, April): prepared in May presented to AFC in June
September: Annual report with audited financial statements.
November: Annual report tabled in provincial legislature (including audited financial statements).
Comprehensive budget
Preliminary Resource Allocation and Multiyear Planning and Templates Launched: Leaders from colleges, schools, and administrative unites receive their planning templates.
Strategically aligned multiyear planning and budgeting begins: Leaders from colleges, schools, and administrative units create detailed budgets for their areas.
Review and support check-ins: Budget development check-ins occur with the Strategic Finance Office and for the academy review meetings occur with the Provost and Chief Financial Officer.
Executive approval: Budgets are submitted to the Strategic Finance Committee for approval.
Final integration: All budgets are combined into one comprehensive university budget.
Board approval: The final comprehensive budget is presented to the Board of Governors for approval.
Resource allocation process
Within the operating fund, certain revenues are received centrally by the university rather than directly by responsibility centres (colleges, schools, or administrative units). Centrally received revenues are allocated to responsibility centres to fund their operating activities (i.e. teaching and learning, academic and administrative support, and community outreach).
Centrally received revenues allocate five per cent to the university’s Strategic Investment Fund before the allocation approaches described below by category:
Provincial government grant
The Ministry of Advanced Education provides an annual grant to support the operations of the university. Allocated incrementally based on current data and strategic alignment onto an historical base that includes both teaching and research drivers.
Tuition and fees
Revenue collected through the payment of student tuition and fees that are used to support the delivery of academic programming and university operations. Allocated with a proportion based on student enrolment to a college or school and a proportion based on teaching effort, as determined collaboratively with the deans.
Investment income
Revenue earned on long term deposits invested in the investment pool or short-term revenues earned on bank deposits. Allocated as a fixed amount to the operating fund based on research awards, research activity, and joint programs developed across two or more colleges and schools.
Strategic Investment Fund
The strategic investment fund (SIF) supports the university strategic plan and its current university priorities by investing in aligned one-time initiatives. An annual call of proposals is launched each September with submissions due in January. The SIF also supports one time institutional or operational priorities, such as temporary resources for approved institutional projects like information systems renewal and the administrative shared services project.
Multi-year forecasting
Multi-year forecasting helps universities stay agile and forward-thinking. Here's a breakdown of how it works and why it's essential.
Purpose of multi-year forecasting
- Strategic alignment: Ensures financial planning supports long-term institutional goals like academic excellence, infrastructure development, and research innovation.
- Risk management: Identifies potential budget gaps or economic
- Resource optimization: Guides decision-making on program expansions, staffing, capital projects, and tuition strategies.
Key forecasting assumptions
Revenue drivers
- Provincial operating grants (subject to policy shifts or funding models)
- Tuition and fees (impacted by enrollment trends and regulatory changes)
- Ancillary services like housing, food, or parking
Expense drivers
- Salaries and benefits (often the largest expense category)
- Maintenance and utilities for campus operations
- Technology and innovation investments
Forecasting outcomes
Scenario planning
Modeling various scenarios, including worst-case scenarios to stress-test plans.
Mitigation measures
Where necessary to balance revenues and expenditures efforts may include:
- adjusting hiring practices or deferring expenditures
- lobbying for increased funding or diversifying revenue streams
- engaging in partnerships or cost-sharing initiatives