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Budget

Budget, the annual operating budget is a shared responsibility between Finance and the Provost. The Finance department manages reporting and analysis of the budget, while the process is managed by the Provost. There are five Certified Professional Accounts in the Financial Planning and Reporting department. The department provides and facilitates the budgeting cycle by acting as a resource to all academic, support, and administrative departments. Through training and consistent support, we assist all departments in planning, implementing, monitoring and controlling their budgets within anticipated resources. We work to ensure Ontario Tech University is fiscally responsible and accountable with its annual operating budget.

Ontario Tech University 2020-21 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 Forecast” module.

 b) The budget starting point for each unit is their prior year base and base asks. Each unit will be allocated funds to cover fixed
     costs such as:

     i)  2020/21 salary increases
     ii) 2019/20 In-Year approved hires

c) Estimated salary increases for eligible full-time continuing employees are included in your starting budget (actual 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,
    definite term contract employees as well as employee costs charged by Durham College (DC) to Ontario Tech University, are
    included in your starting budget.

e) Full-time salary budgets include all approved positions as of October 1, 2019.   These are included in your starting budget.

f) Benefit expenses for employees, included in your starting budget, are calculated as follows:

        i) For employees on the Ontario Tech University payroll:

       - 19.5% for full-time continuing employees, and
       - 9% for limited term contract employees

g) Due to tuition freeze, there will be no Base or OTO asks in the budget process for 2020/2021

h) For all areas that generate revenue, update the revenue and corresponding expenses required to generate revenue.

i) 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 November 29th.

Manuals
20/21 Budget Manual
Upload Instructions
Upload Template

Annual Operating Budget

The Provost and the Chief Financial Officer present the annual operating budget to the Board of Governors every April for the upcoming fiscal year. The annual operating budget presentation reviews the strategic initiatives that will be implemented, strategic resource allocations

Forecast

Operating budgets