Strategic Planning
The University budget is an expression of academic priorities that are established through a strategic planning process. The budget aligns resource allocations to the established academic priorities.
- Objectives are set - involves a systematic process in which all alternatives are considered
- Resources are determined - those needed to accomplish a set of activities designed to fulfill a particular objective
- Budgeting - allocation of funds are systematically related to the planned objectives
Multi-year budgeting
In a radical departure from past practices, McGill has implemented multi-year budgeting which involves:
- deficit financing - operate under a controlled deficit to incrementally improve the quality of programs and services offered by the University
- moving towards a balanced budget over the next 4 years
Academic priorities
The following are the top academic priorities:
- Academic renewal - Faculty Compacts
- Student Life and Learning
- Master planning exercise - University Services
- Development, Alumni and University Relations (comprehensive campaign)
- Sustainability - University Services
- Staff development
- Effective organizational practices - Guidelines, Policies & Regulations
The Budget
The Office of the Budget helps the Provost manage the budget consisting of the following four funds:
- Operating - used for all activities normally associated with the University's core teaching and research activities
- Restricted - specific revenues that have restrictions on the use of funds, for example, research grants
- Capital - all revenues that are specifically earmarked for the acquisition, construction or renovation of capital assets
- Endowment - all gifts, donations and bequests, including those for endowed Chairs, financial aid and other specific purposes, that the University has invested and from which a reasonable rate of return is expected