Preliminary Budget Office of the Vice President Finance Presented by: Mateusz Miadlikowski

Overview 1.Preliminary Budget 2.Process 3.Current Situation 4.Challenges and Changes 5.Moving Forward

PRELIMINARY BUDGET Bylaws, Timeline, Process, Code, Amendments

Bylaws, Code, Timeline Bylaw 11: 1b, 1d –The budget committee purpose: to review the budget prepared by the Vice- President Finance –The budget committee’s approval- budget committee submits the budget to Council for its approval. Code Sec IX B Article 8. –Council’s approval of the preliminary Budget by April 30 th - Amendment- first meeting of May –Preliminary Budget shall include: Actuals from previous fiscal year, variances, next fiscal year projections Figures for the overall revenues and expenditures of each major division of the Society (business and administration as a whole, all student government departments collectively, Student Services as a whole, etc.) –Final Budget shall include: Detailed breakdown of revenues and expenditures within each department (each commission, business, staff, executive member, etc.)

Process Internal review of Actuals 13/14- not final Departments: –Documents sent: handbook, budget template for each department –Required Documents: filled budget template, priorities, justifications, statement, presentation Review by the VP Finance Individual meetings with the heads of departments- VP Finance and Executive Director Final Review, adjustments, consolidation Submission to the Budget Committee Budget Committee’s review- 1 st session Adjustments of the Budget, provision of additional information

CURRENT SITUATION Where are we?

Preliminary Budget –Detailed breakdown of projected revenues –Detailed breakdown of expenditures for each department –Business Contribution at $ 485K- BAGB –Budgeted Surplus over $ 400K Previous Structural Deficit –Ending Fiscal 13/14 with a surplus Lower expenditures Higher business contribution –Possible elimination of the entire structural deficit

CHALLENGES AND CHANGES Delay

Challenges and Changes Changes: –New structure of the Budget Committee –Executive Director- reporting structure –Fee changes- elimination and decrease of particular funds

Challenges and Changes Challenges: –Unknown Referendum and AGM Events- Block Party and Welcome Back BBQ –Scheduling issues meeting quorum setting times –Actuals 13/14 Closing year Audit- confirmed actuals

MOVING FORWARD Preparation of the Budget

Moving Forward Appointment of Budget Committee’s Chair Preliminary Budget- June 11 th Final Budget- late June