Mission

The University Budget Office provides the primary support and analysis to University leadership in fiscal and budgetary policy development to promote attainment of the University's mission and strategic plan. The Budget Office strives to implement sound budget and management practices in a collegial fashion with the University community and the Commonwealth of Virginia. Collaboratively, the University aspires to prudent resource allocation, public accountability, and creative, proactive 21st century education.

Methods

The University Budget Office is dedicated to assisting University staff in the establishment, maintenance, and prudent oversight of budgets, providing training, financial and statistical information and analyses. We are committed to "customer service" and engaging and responding to our many public stakeholders.

What Is A Budget?

A budget is a flexible plan that integrates competing demands while working towards a common goal. In Old Dominion University's case, the common goal is spelled out in the University's mission statement and strategic plan. The essence of the common goal is to provide the citizens of the Commonwealth with higher education programs that are distinguished by their excellence, accessibility, and responsiveness to individual, regional, and Commonwealth needs. The integration of competing demands recognizes the fact that there is never enough money available to satisfy all the needs of our customers. The key is to strike a balance between mission requirements and the resources available. The budget is the tool we have available to provide that balance, but it also plays other roles.

The National Association of College and University Business Officers (NACUBO), in its publication College and University Budgeting, lists the following roles a budget plays.

• An institutional plan of action
• An institutional contract
• A control mechanism
• A gauge of risk
• A mechanism for setting priorities
• An instrument of communication
• A political device

University Budget Office Primary Functions

• Coordinate all facets of the University's state budget preparation process.
• Administer University Budget and Financial Management Policy.
• Manage the University Operating Budget Plan and monitor for conformity with requirements of the Commonwealth of Virginia's Department of Planning and Budget (DPB), the State Council on Higher Education (SCHEV), the Auditor of Public Accounts, and numerous other state and federal requirements.
• Manage both the budgeting and accounting for capital projects (new buildings and major renovations).
• Coordinate the budgeting process for auxiliary enterprises and the approval process for supporting revenue plans.
• Collaborate with Human Resources in the many dimensions and requirements of "position control" comprising 80% of University budget resources.
• Conduct budget feasibility and execution analyses and monitor institutional performance measures