Budgets and Financial Management in Higher Education, 3rd Edition

4Management of the Budget Cycle

Budget management is a never‐ending task for any administrator with financial responsibilities in higher education. In fact, budget managers who understand the cycles of budgets in higher education recognize that they are never managing just one budget. The person with budget management responsibilities in the unit is likely to be supervising expenditures under the current operating budget and closing or getting ready to close the previous year's operating budget while making financial projections for the upcoming fiscal year. If new facilities are in the planning stages or under construction, attention must also be given to the capital budget (which may have timing issues different from those of the operating ...