University of Toronto
Governing Council
Budget Change Policy for the Operating Fund
March 7, 1994
To request an official copy of this policy, contact:
The Office of the Governing Council
Room 106, Simcoe Hall
27 King’s College Circle
University of Toronto
Toronto, Ontario
M5S 1A1
Phone: 416-978-6576
Fax: 416-978-8182
E-mail: governing.council@utoronto.ca
Website: http://www.governingcouncil.utoronto.ca/
Budget Change Policy for the Operating Fund
(Replaces Policy for Administrative Authority to Change
Budgets, Approved May 18, 1982)
The timetable for the preparation of budgets is such that it
is exceedingly difficult to expect that all items of projected income and
expenditure be forecast accurately. It is recognized that the operational
management of the University requires the exercise of certain discretionary
authority.
A. Authority is delegated to any two of: the President, the
Vice-President and Provost and the Vice-President - Business Affairs to
increase, decrease and transfer budget appropriations as follows:
1. To increase expenditure budgets when offset by
additional general University income, subject to the recognition that the
primary purpose of such additional income is to fund the Supplementary Budget,
which to the fullest extent possible should specify the areas of desirable
expenditure.
2. To increase expenditure budgets not offset by
additional income, by a maximum in any fiscal year aggregating 3/5 of 1% of the
total general University income budget.
3. To decrease income or expenditure budgets.
All transactions in 1) and 2) above
shall be reported for information to the Business Board and the Planning and Budget
Committee at the next regular meeting following administrative approval.
B. Authority is delegated to the Vice-President - Business
Affairs to develop regulations (administrative policy) to increase, decrease
and transfer budget appropriations as follows:
1. To transfer income or expenditure budgets between
accounts.
2. To increase expenditure budgets when offset by
additional divisional income (except that the concurrence of the Business Board
is required with respect to major projects, plans or programs outside the
normal course of business that require the balancing of expense and revenue).
(signed)
R. G. White
Assistant Vice-President, Finance
March 7, 1994
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