Budget Preparation
February is budget season for us here at the USSU. Managers of each department and myself are all busy preparing our proposed budget for next year. This involves pulling together all the information available to us from this year and what costs have actually been verses what was budgeted for last year. The budgeting process involves taking historical data from year to date numbers and projecting it out to what they would be over 12 months for next year.
This year was a significant one for the USSU as we finished the Place Riel renovation and expansion project and moved into the new building. This brought with it new revenues generated from rents of the tenants throughout the building, but also many one time costs associated with moving back into it, such as direction signage going up. These one time costs are things that we won’t need to be budgeted for next year and which should have a positive effect on the budget. While rent revenues are better than had been predicted we still don’t have as much data as we would like to project what we expect next year. Lower Place Riel tenants continued to open their businesses throughout the year, which means we won’t have a full years worth of numbers to budget from this year and will have to wait till next year to budget a full year’s worth of data for the new Place Riel.
Currently the departmental budgets are still being developed by the overseeing managers and they should be finished and submitted during Reading Week. The next step involves the Executive where over the course of 3 days we have meetings with all the managers about their budget sections and discuss and review what is being proposed. Then on March 3 the Budget and Finance Committee, comprised of students, spends the entire day combing through the budget line by line and making suggestions they think appropriate. The proposed budget will then be table at University Students’ Council on March 8. The following week I will make a presentation to USC and the general student body to inform them of the budget and answer any questions they might have. Then the following week the budget will go to a vote at USC. Once the budget has been developed and put together I will return with another blog explaining the major points and changes of the USSU 2012-2013 budget.
I hope this budget talk held your attention, if not I understand. It isn’t for everyone, but the least I can do is try and make the information accessible for those who want it.
Reid


