The budget planning cycle begins approximately 14 months before the start of a given fiscal year. When the prior year's budget is approved, it includes a five-year plan. The final four years of that plan become the basis of the planning process for the following year. During the summer, a fifth year of enrolment and budget data is added, and academic divisions are encouraged to review the plan, to make adjustments for anticipated variances and, with the assistance of the Planning & Budget office, to model the impact of any changes.
Each fall, academic divisions meet with the Provost to review the revised five year plan. These reviews inform Provostial decisions regarding allocation from central funds, including the University Fund. The Budget Planning & Priorities committee meets throughout January to review University-wide expenses. The revised academic plans and University-wide expenses are then combined to create a new five-year budget plan, which is submitted to governance for approval.