Annual Budget Guidelines
Ontario Tech University 2023-24 Budget Guidelines
The following budget guidelines provide a common understanding and framework for the budget process:
a) All budgets and quarterly calendarization will be completed in the FAST Budget and Forecasting module.
b) The budget starting point for each unit is their 22/23 Base and approved 22/23 Base asks. Each unit will be allocated funds to cover fixed
costs such as:
i) 2023/24 salary increases*
ii) 2022/23 In-Year approved hires
* Estimated salary increases for eligible full-time continuing employees are included in starting base budget based on estimates for each employee group (actual in-year salary increases for each employee compensation group are all subject to approval by Human Resources)
d) Payroll information, including employees and their respective annual salary, for academic and support staff continuing employees as well as employee costs charged by Durham College (DC) to Ontario Tech University, are included in the starting base budget.
e) Full-time salary budgets include all approved positions as of October 17, 2022. These are pre-loaded in each units Base budget.*
*Note that all full-time positions approved during the 22/23 fiscal year will be loaded as a pre-approved Base Ask.
f) Benefit expenses for employees, included in your Starting Base budget, are calculated as follows:
i) For employees on the Ontario Tech University payroll: - 20.5% for full-time continuing employees, and
- 10% for limited term contract employees
g) For all areas that generate revenue, update the revenue and corresponding expenses required to generate revenue. All revenue generating units must submit a balanced budget unless approved by the VP, Administration.
h) All budget holders should review their budgets with their respective vice-president or delegate prior to submission of the budgets in the FAST Budget module by 5 p.m. on Friday December 16th, 2022.
