Preliminary Budget 2014-2015

Office of the Vice President FinancePresented by: Mateusz Miadlikowski

Overview

1. Preliminary Budget

2. Process

3. Current Situation

4. Challenges and Changes

5. Moving Forward

PRELIMINARY BUDGETBylaws, Timeline, Process, Code, Amendments

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

CURRENT SITUATION Where are we?

• 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 CHANGESDelay

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 FORWARDPreparation of the Budget

Moving Forward

• Appointment of Budget Committee’s Chair• Preliminary Budget- June 11th • Final Budget- late June