The budget management process at Loyola University is a continuous process that takes place throughout the year, occurring at nearly every departmental level within the University. The following is a general description of the University's budget cycle.
Beginning of the fiscal year.
Preliminary review of previous year budget to actual results with the University's VPs.
Departmental solicitation of operating budget expenditure requests. Enrollment management provides recommendations on undergraduate pricing; Residence Life & Housing provides recommendations on room rates; facilities and campus services review board plan and revenue projections.
October - March
Continual review, prioritization and analyses of operating budget and expenditure requests; zero based budget requests; discussions with Budget Committee, Loyola Conference and Cabinet.
Loyola Conference approval of tuition and room rates; financial aid review and budget recommendations; enrollment management provides initial graduate revenue budget estimates.
Board of Trustees Executive Committee review and approval of recommendations for tuition, room and board rates.
Faculty, administrator and staff compensation recommendations; approval of Budget Committee salary recommendations; finalization of budgeted graduate revenues.
Board of Trustees Executive Committee review and approval of compensation recommendations; Budget Committee approval of proposed University operating budget.
Board of Trustees approval of the operating budget. Divisions and departments provide budget allocations into the various accounts based on their plan of how funds will be spent.
June - August
Approved operating budget is available in the Self Service Budget Module; personnel expenses and college work study allocations are finalized within the Self Service Budget Module.