Budget Development Overview
The EIU Budget is a financial plan for EIU’s expected revenues and expenditures for a fiscal year. The Board of Trustees’ (BOT) approved budget provides the expenditure authority and constraints for EIU to fulfill its academic mission.
Eastern Illinois University’s fiscal year runs from July 1st through June 30th. The process for developing the University’s budget begins 1.5 to 2 years prior to the final budget approval date in June. It should be noted that the operating budget cannot be finalized until the state appropriation for EIU is approved by the Illinois State Legislature and signed by the Governor. This typically happens in early to late June.
The EIU appropriated (i.e., tax dollar and tuition income supported) budget request is developed for three distinct areas: operating, capital and program priority requests. The chronology of development for the appropriated budget is as follows.
Historical RAMP; Technical Tables 4 and 5—due to IBHE in September.
The non-appropriated budgets are developed by the entities’ directors and financial managers, with PBIR collaboration. The respective VP’s and the President sign off on their budget documents. The timelines are largely congruent with the appropriated budget development. For example, EIU's Bond and Local units (e.g., Housing, Recreation Center, Textbook Library, Health Service, Shuttle Bus, etc.) undergo a thorough, internal fee review process in October-December. Comprehensive financial forecasts and recommendations for fee adjustments are ratified by the Student Government Association, President’s Council, and BOT. The non-appropriated budgets are integrated with the appropriated budget in the June BOT budget document.
Funds are budgeted in Banner “organizations” (orgs), and these organizations are grouped by ledgers. The Banner description is included in parentheses:
Within organizations, funds are budgeted by accounts. Accounts are categories used to distinguish the types of revenues and expenditures being budgeted. Funds used to pay salaries are budgeted in the personal services accounts (61XXX), while non-salary dollars are often referred to as “operating” or direct expenditures (71XXX). Revenue accounts (5XXXX) are used for budgeting revenue.
Several tools are available for financial managers to monitor and control their budgets accounts. The Budget Office actively engages budget by position controls for Ledger 1 and Ledger 3. Financial manager responsibilities, reporting and control tools, and Budget Office support activities are further described in separate sections on this website.
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