Budget Process

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.

June: Beginning of the fiscal year.

September/October: Enrollment Management provides recommendations/guidance on the undergraduate pricing; Student Life provides recommendations on room rates; Auxiliary Services review board plan and revenue projections.

October/November: Preliminary review of previous year Budget to Actual results with VPs.

November/December: Begin departmental solicitation of departmental operating budget expenditure requests.

October-March: Continual review, prioritization and analyses of operating budget and expenditure requests; discussions with Budget Committee, Loyola Conference and Cabinet.

October: Loyola Conference approval of tuition and room rates; financial aid review and budget recommendations; Enrollment Management provides initial graduate revenue budget estimates.

February: Faculty, administrator and staff compensation recommendations; approval of Budget Committee salary recommendations; finalization of budgeted graduate revenues.

March/April: Board of Trustees Executive Committee review and approval of compensation recommendations; Budget Committee approval of proposed University operating budget.

April: Loyola Conference approval of University operating budget.

May: 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 (not including personnel expense) is available in Workday; personnel expenses (salary/benefits) and college work study allocations are finalized within Workday.