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Budget Office

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

October

BOT approves budget request; ISU submits request to IBHE

IBHE visits campus for budget meetings

December

IBHE makes final budget recommendation to its board

February

Governor gives Budget Address

ISU sends budget materials to state legislature

Spring

ISU leaders meet with appropriation committees from the Illinois General Assembly

May-June

Appropriation Bill is enacted

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

flow chart

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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.

Learn more about setting budgets for agency accounts

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General Revenue Budget Terminology

  • Base Budget

    • Opening Budget - Opening (base) budgets are loaded at the beginning of the fiscal year.
    • Opening budgets will be allocated each fiscal year in alignment with projected revenues.
    • Adjustments may be made to the base budget throughout the fiscal year.
    • Adjusted Base Budget = Opening Budget + adjustments to base budget

  • Current Budget

    • Temporary adjustments to budgets may be made among line items such as personnel, contractual, commodities, etc. to meet operating needs within a given fiscal year.
    • Current Budget = Opening Budget + adjustments to base budget + temporary adjustments.

 

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