Operating Budget Overview
In late January, Cornell begins the annual university-wide budgeting process for the next fiscal year (July 1 to June 30).
The University Budget Office (UBO) defines the process, maintains the budgeting schedule, assists with the tools (including a computerized budget system and data marts), and the training that supports the annual development of departmental and unit operating budgets.
General Schedule (see details in Cycle Dates):
| MONTH | BUDGETING ACTIVITY |
|---|---|
| January | After budget assumptions are approved by the Board of Trustees, the budget system opens for budgeting transactions. |
| February | Budget process continues... |
| March | System closes to allow Org level users to review by colleges and UBO early next month. The salary improvement process (SIP) commences. |
| April | Development of the Trustee Budget by the UBO, SIP process continues |
| May | Board of Trustees meet to review and approve budget |
| June | SIP awards loaded to payroll to be effective July 1 |
| July | Beginning of new fiscal year, load of budget data to General Ledger and PeopleSoft |