Following the conclusion each December of the annual strategic planning process, the College management identifies a number of planning assumptions, cost pressures and budget priorities for the Board of Governors to consider at its January meeting. Once approved by the Board, these budget parameters are used to develop resource requirements and provide a framework for matching revenues and expenditures to achieve a balanced budget.
Annually in February the College managers and chairs submit zero-based budget requests based on their understanding of the Strategic Plan. These budget requests are then extensively reviewed by College management through a series of meetings where managers and chairs present their budgets. By March of each year the budget is balanced by matching available funding with expenditure priorities.
The budget process culminates in the approval of the annual budget by the Board of Governors each May. The budget for the next fiscal year beginning July 1st is then submitted to the government’s Council on Post-Secondary Education (COPSE) at the end of June. Over the summer budget approval is received from COPSE and adjustments to the budget are made as required. This adjusted final budget is then submitted to the Board of Governors in September for approval.
Each October the Board of Governors receives an annual financial report from the College’s external auditors and approves the audited financial statements for submission to the Manitoba government and for scrutiny by the public. The entire budget approval process begins again in November with the review of the College’s Strategic Plan.