• Section 1 - Purpose
• Section 2 - Application
• Section 3 - Roles and Responsibilities
• Section 4 - Integration of Planning and Budget Management
• Section 5 - Budget Cycle
• Section 6 - Budget Development and Approval
• Budget Development
• Budget Approval
• Section 7 - Monthly Forecasting
• Section 8 - Budget Reporting
• Section 9 - Definitions

Section 1 - Purpose

(1) QUT is committed to a sound budgeting process which meets the strategic and operational objectives of the University and enhances the transparency and accountability of budgetary decisions. QUT's budget process:

1. complies with relevant legislation and standards;
2. is consistent with contemporary professional practice; and
3. provides budget and financial information to inform management decision making.

Section 2 - Application

(2) This Policy applies to QUT and its Faculties and Divisions.

Section 3 - Roles and Responsibilities

Section 4 - Integration of Planning and Budget Management

(3) The University prepares and manages its budget in conjunction with the annual planning process (University Integrated Planning Framework). The budget is based on estimates provided in conjunction between the Vice-President (Finance) and Chief Financial Officer and responsibility centres, and its purpose is to deliver the approved plans of faculties and divisions. The University's budget includes revenue from all sources (including government funding, student fees and other sources) and all expenditure.

(4) Program budgeting enables the University to monitor the sources and application of funds. Definitions of each of the programs are provided in the University's Finance Manual.

(5) The University's Planning and budget package and the Triennial budget guidelines are released in the second half of each year. Faculties and divisions submit planning documents and three-year detailed budgets in accordance with the Planning and budget package and Triennial budget guidelines. 

(6) Supporting integrated planning and budget management is the University's Project Proposal Framework. Further information on the policies and procedures relating to the University's budgeting process and Project proposal framework are contained in the Finance Manual.

Section 5 - Budget Cycle

(7) QUT's financial year is based on a calendar year, and the budget for the University is set within this time frame. The University's budget is developed on a triennial basis. The University's budget for the ensuing triennium is considered and approved by Council at its December meeting.

(8) A five-year Capital Management Plan is developed each year in conjunction with the University's triennial budget.

Section 6 - Budget Development and Approval

Budget Development

(9) As part of the planning and budgeting process (University Integrated Planning Framework) faculties and divisions prepare and submit, for detailed review, their proposed budget for all activities, for the coming financial year and two out-years.

(10) The Vice-President (Finance) and Chief Financial Officer works with various stakeholders to complete the budgets for the various budget programs. Upon completion, all budget programs are consolidated into the University's budget for the triennium.

Budget Approval

(11) The University's budget for the triennium is submitted through Executive Leadership Team to Finance and Planning Committee for review and endorsement, prior to formal submission to Council for approval.

(12) Finance and Planning Committee recommends to Council revisions to the current year of the approved University budget.

(13) Some categories of expenditure/commitment of funds are subject to availability of funds within approved budget limits, as per the Register of Authorities and Delegations (QUT staff access only).

(14) To ensure transparency, written approval from the Vice-Chancellor and President is required for budget transfers from the central contingencies to Finance Business Solutions.

Section 7 - Monthly Forecasting

(15) The University undertakes a review of its financial performance against the approved budget on a monthly basis.

(16) Faculties and divisions are responsible for managing the monthly forecasting for their own areas.

(17) The Vice-President (Finance) and Chief Financial Officer consolidates the monthly forecasts for the total University, and works with stakeholders to incorporate changes in revenue and expenditure performance for all programs.

Section 8 - Budget Reporting

(18) Reports on the University budget are made to Executive Leadership Team and Finance and Planning Committee on a regular basis. The University's budget reporting includes:

1. submission of annual Triennial Budget annually;
2. submission of annual five-year Capital Management Plan annually;
3. Monthly Management Reports, including to each meeting of Finance and Planning Committee and Council;
4. Mid-year Forecast Report; and
5. Final Outcome Report.

Section 9 - Definitions