Budget Calendar image

 

The Budget Office manages the annual budget process, which results in the annual operating budget presented to the Board of Regents for Approval.  The following schedule is established in order to meet the deadlines for Budget Office review and for approval by the Board of Regents.  

July 1,  2024
  • New Fiscal Year FY25 begins.  The University's fiscal year begins on July 1st and ends on June 30th.
  • FY25 operating budget are loaded into Banner.
August 2024
  • FY25 operating budgets are completed and ready for OCHE to review via the financial data warehouse.
  • OCHE submits operating budget reports to Board of Regents.
September 2024
  • Approval of the FY25 Montana University System operating budgets by the Board of Regents.
  • Budget Office updates fall tuition and fee projections after census.
October-November 2024
  • FY24 budget to actual revenue and expense updates communicated to campus leadership.
December 2024
  • Mid-Year budget analysis.
January-February 2025
February 2025
  • Budget Office updates spring tuition and fee projections after census.
  • Budget Office prepares position budgets.
  • Colleges estimate fall and spring part-time faculty needs.
  • Colleges estimate summer faculty needs.
February 28, 2025
  • FY26 Budget kicks off.  Budget workbooks and position budget workbooks are distributed to department Box folders and made available for budget preparation.
  • Budget memo and instructions are sent to fiscal managers.
March 2025
  • Budget Office schedules check-ins and budget prep training with department fiscal managers and support staff.
March 31, 2025
  • FY26 Budget workbooks are due to the Chancellor or Vice Chancellor for approval. 
April 2025
  • FY25 budget to actual revenue and expense projections communicated to campus leadership.
April 30, 2025
  • Final FY26 Budget workbook submissions due to the Budget Office.
May 2025
  • Budget Office reviews and enters all data into Axiom (MSU Budget System).
  • Base General Fund allocations are also entered.
June 2025
  • Budget Office reconciliation and balancing of all fund types.
Late June-July
  • Fiscal Year End FY25 Closing.

*This schedule is tentative and subject to change by the Budget Office.

 

Background & Statutory Requirements

Operating budgets for all state agencies, including the university system, are guided by the Budget Act found in 17-7-1, MCA. State statute requires state agencies to expend appropriations in substantial compliance with the budget approved by the legislature. For the university system, this requirement is met by approval of a comprehensive operating budget by the Board of Regents (BOR) at the September meeting each year. The Budget Act requires the university system to report detailed revenue and expenditures and anticipated fund balances of all college and university funds.

Approval of the detailed operating budget by the Board of Regents constitutes the legal appropriation authority, by fund and subfund, for each campus and agency. Campuses and agencies may not expend more than the legal appropriation authority by fund and subfund each fiscal year, unless the Board of Regents (or its designee, the Commissioner of Higher Ed) approves a budget amendment. The Board and/or Commissioner may also approve special appropriations outside of the allocations distributions that amend campus budgets.

The operating budgets need to include all projected revenue & spending. Since it is a budget document, it will include transfers between funds that would normally be removed for financial statement presentation. It will exclude some GAAP adjustments.