Budget Planning Process
The goal of NYMC is to have a balanced budget and therefore, budgets annually through a detailed consultative process at the departmental level.
1. A detailed budget planning time table is constructed each January.
2. The UBO requests projections for the upcoming year from various Department Heads.
3. Projections and assumptions are reviewed by both the UBO & the Budget Task Force.
4. Each Dean of the College is given the opportunity to make a presentation to the task force during this planning stage.
5. The preliminary budget is presented to members of the Finance Committee at the Budget Work Session each April.
6. If the budget is not balanced in the initial proposal, the Finance Committee may mandate that the UBO & Administration find ways to balance the budget.
7. After the budget is approved by the Finance Committee it is presented to the Board of Trustees (BOT) for final approval in May.
8. Once approved, individual departmental budgets must be created since the budget approved by the BOT is by category and not on a departmental basis.
9. Once this process is complete, official departmental budgets will be distributed to the College community.
10. During the year, the UBO may receive subsequent budget changes which will be analyzed and approved if deemed appropriate.
Back to Budgets
May 8, 2013
Why A Budget...?
The purpose of budgeting is to provide a forecast of revenues and expenditures, that is construct a model of how the College might perform financially if certain strategies, events and plans are carried out. It also enables the actual financial operation of the College to be measured against the forecast.