BOT approves budget request; ISU submits request to IBHE
IBHE visits campus for budget meetings
Budget Process
The goal of the external budget process is to acquire a state appropriation that supports the University's operations for the following fiscal year. The timeline below depicts an approximate schedule for the annual budget process as it relates to the state appropriation.
Budget Process Timeline
Internal Budget Process
The annual internal budget process includes analyzing existing budgets and trends, assessing and planning for future needs, and setting opening budgets that align with the needs of the University for the coming fiscal year. The Budget Office works with fiscal managers to establish opening budgets according to expected expenditures. Each spring, fiscal managers set personnel and operating budgets for the upcoming fiscal year. The Board of Trustees considers the fiscal year internal budget at the October board meeting each year.
Budget Planning Process
Setting Agency Budgets
Budgets for agency accounts are set during the annual budget process. The Budget Office has compiled tips and guidelines for setting agency budgets:
- Each year’s agency budget should be set to align with expected expenditures for the fiscal year.
- Consideration should be given to cash balance and expected revenue for the remainder of the current fiscal year as well as the upcoming fiscal year (budget year).
- Budgets should be set at the amount expected to be spent in the upcoming fiscal year, not to exceed the sum of cash balance and expected revenues.
Permanent Budgets vs Temporary Budgets
(General Revenue only)
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Permanent Budgets
- Permanent base budgets are loaded at the beginning of the fiscal year.
- Permanent budgets are impacted only by permanent budget transfers.
- Permanent budgets roll to the next fiscal year.
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Temporary Budgets
- Temporary budgets are available in the current fiscal year only.
- Temporary budgets are impacted only by temporary budget transfers.
- Temporary budgets do not roll to the next fiscal year.
Permanent Budget + Temporary Budget = Current Budget
Strategic Budget Carryover (SBC)
Strategic Budget Carryover (SBC) provides units the opportunity to carry over funds from one fiscal year to the next. This allows departments to address needs that might otherwise be too great of a financial burden to take on in a single fiscal year. During the SBC process, units have the opportunity to identify specific planned purchases, projects, or initiatives that require strategic fiscal planning to accomplish. Funds may be carried over for up to two fiscal years to be used for these identified and planned expenditures.