Change in Fiscal Year End
We have been notified by le Ministère de l’Éducation, du Loisir et du Sport (MELS) that the fiscal year end is changing from May 31st to April 30th, beginning in fiscal year 2010-11.
While there will not be a distributed budget exercise for Operating/University Allocation (fund type 1A) funds, this has significant implications for the University’s Operating Budget. Almost all of the University’s expenses are incurred regularly throughout the year; therefore, while 12 month permanent budgets will be allocated to each unit in June, we will also pull back 1/12th of the budgets, on a temporary basis, to reflect the shorter fiscal year. Any requests for additional budget, as a result of annual expenses that cannot be reduced, have been evaluated and confirmed allocations will be communicated to each Dean or Vice-Principal by the Provost.
Operating/Self-financing Operations (fund type 1B funds) should have already submitted detailed estimates of revenues and expenses for an 11 month fiscal year. These are currently being reviewed and will be posted in June.
For additional financial and reporting implications, please refer to http://knowledgebase.mcgill.ca/fskb/easylink/article.html?id=12420.
Contact Roula Mpekios, Senior Manager, Office of the Budget with any questions.