At the time of the introduction of the new budget model (2013-2014), we committed to review the model during its third year. This review has just begun. It will be completed during the current fiscal year (2015-2016), and in time to inform the development of the budget for 2017-2018 (the development of the budget for 2016-2017 is already underway).
So that we might ensure we hear the views of faculty and staff on the operations of the budget model, we are holding a town hall meeting to which you are invited. The details of the meeting are as follows:
Date: Tuesday, July 7, 2015
Time: 2:00pm to 3:30pm
Place: Dunning Hall Auditorium
For a brief description of the purpose and scope of the review please see Review of the New Budget Model.
At Queen’s, the budget process is designed to support the university’s vision as the research-intensive university with a transformative student learning experience, while also ensuring financial sustainability.
The activity-based budget model now in place provides a transparent budget process that closely aligns the allocation of resources with the university’s strategic priorities. It also gives units incentives to grow revenues and reduce costs, so the university is more resilient in difficult economic times.
The 2015-16 budget planning process is now underway. The shared service units will prepare their budget submissions over the summer, followed by the faculties and schools in the fall. The submissions will be reviewed by the Provost’s Advisory Committee on the Budget before final budget allocations are determined.
This year the university must plan for additional payments to the pension plan, beginning in 2015. As it stands, the university will be required to begin paying down the pension plan’s $292 million solvency deficit over a period of 10 years, as well as making increased payments to fund the plan’s going concern deficit. Current estimates pin the additional pension expense to the university at $22 million annually. All units will have to plan for the impact of this expense as part of the 2015-16 budget process.
Read more about the 2014-15 budget process in the provost’s report to the community.
Have questions or comments on the budget process? Don’t hesitate to email firstname.lastname@example.org