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FINANCIAL AFFAIRS

Budgeting Services Core Activities

The following list summarises the current core activities carried out by the McMaster Budgeting Services department.

 

 

Expandable List

ACTIVITY TIMELINE
a. Budget planning period, salary and benefit assumptions June
b. Budget development and operational support (load, monitor, quarterly analysis where appropriate) – operating fund, ancillary fund and specifically externally funded Summer/ Fall (Support Unit Budget Development and Faculty 5 Month Projection) Winter (Faculty Budget Development)
c. Administration, data integrity, and data updates for the University budget planning system Continually throughout the year
d. Annual budget model space inventory validation June to September
e. Budget model updates, reconciliation, and supplementary information Fall/ Winter
f. Review individual budgets to ensure accuracy and completeness October & March(submissions)
g. Approved budget allocation posting and checks and Priority Funding budget updates May/ January/ February
h. Transfer approvals Continually throughout the year
ACTIVITY TIMELINE
i. Budget guidelines, templates and allocations June (Support Units) & November (Faculties
j. Annual Consolidated Budget Report to the Budget Committee, University Planning Committee, Planning and Resource Committee, Senate, and Board April/ May/ June
k. Interim operating fund financial reporting October/ November
l. Year end variance reporting and analysis, and supplemental information for annual financial report July/August/ September
ACTIVITY TIMELINE
m. Support budget envelopes, in person and remote, provide information, advice and guidance Continually throughout the year
n. Provide functional support, training and improvements for the University budget planning system Continually throughout the year
o. Coordinate, administer and support Budget Committee and biannual budget conference sessions Continually throughout the year
p. Coordinate and administer the Budget Planning and Coordination Committee (BPCC) Continually throughout the year
q. Central accounting resource on labour reporting and security, salary and benefit chartfields, and payroll queries Continually throughout the year
ACTIVITY TIMELINE
r. Coordinate and distribute PDA/MPDA entitlements Continually throughout the year
s. Coordinate, calculate and distribute annual University property and liability insurance charges January to May
t. Manage central budgets (Central Funding, General University, Legal, Bond Interest, Senior Academic Admin pool etc.) and post the approved budget allocation each year Continually throughout the year
u. Ministry of Colleges and Universities (MCU) Funding Reconciliation, Deferral, and reporting Monthly (Reconcile & Distribution) & May (Reconcile & Deferral)

5.00 full-time staff: Director, Senior Budget Advisor, Senior Budget Officer / Business Analyst, Budget Data Manager, Administrative Assistant

2.00 recovered full-time staff: Senior Financial Officer, Senior Analyst

A list of base services provided by Budgeting Services to areas at the University, as well as a list of possible premium services available for a fee.