The budget is the beginning and the end of the accounting process. It should prompt planning and enable evaluation. There are two distinct segments to the accounting process, one being the budget or intended expenditures and the second being the actual expenditures.
The budget is a communication tool for making plans or needs known and evaluating progress toward stated goals. The purpose of fund accounting is to identify the sources of funds and assure specific, and sometimes restricted, uses for funds.
The university's fiscal year begins July 1st and ends June 30th. The budget process starts in the fall when the university system submits its budget to the Legislative Budget Office. The Board of Regents holds budget hearings on the campuses in January. At that same time, revenue estimates and fee proposals are due for the Board's consideration.
In April, the Board of Regents allocates state tax and lottery funds based on this estimate and the needs and missions of each institution, as presented at the hearings. Final budget proposals are usually due the beginning of May. Once approved, the amendment process begins.
Please see the USG Budget Calendar for more information:
USG Budget Calendar