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Budget policy

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Section 1 - Preamble

(1) This Policy was approved by the Finance and Business Affairs Committee on 24 September 2012.

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Section 2 - Purpose

(2) This Policy articulates the principles by which money is allocated within the University.

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Section 3 - Scope

(3) This Policy applies throughout the University.

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Section 4 - Policy

(4) The University will operate in a financially sustainable manner, balancing revenue and expenditure so that surpluses provide sufficient cash flow for investment in necessary capital, allocations to the Future Fund, and servicing of any debt.

(5) The University has a three year financial planning horizon (the Financial Plan). The Financial Plan view is augmented by an annual budget and a ten-year financial outlook.

(6) The Financial Plan is updated at least after each trimester and reviewed by Council via the Finance and Business Affairs Committee (FBAC), with approvals given as required.

(7) The ten-year financial outlook is updated at least annually and reviewed by Council via FBAC.

(8) Forecasting and annual reporting will be undertaken to ensure proper budgetary controls

(9) Academic endeavour is the core business of the University and the Financial Plan will provide for the maintenance of appropriate quality.

(10) The Financial Plan will provide for improving efficiency wherever possible.

(11) The Financial Plan will provide for calculated risk taking and innovation.

(12) Faculties and Institutes will manage their own financial plans on a full profit and loss basis. Other areas of the University will be allocated appropriate operating budgets.

(13) Where a budget or Financial Plan or updates thereto indicates a variation to underlying surplus or net cash flow of more than 5% for the year (for the budget) or for the triennium (for the Financial Plan), Council approval via FBAC is required.

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Section 5 - Procedure

(14) There is no attendant procedure.

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Section 6 - Definitions

(15) There are no definitions arising under this Policy.