FY2023 Budget Process Kicks Off

Schools and units across UVA came together virtually on October 15 to kick off what just might be UVA's first post-pandemic budget (we're crossing our fingers).  Vice Provost for Planning Adam Daniel, who, along with Associate Vice President for Financial Strategy Bill Ashby, opened the Kickoff Session, noted that the FY23 budget offers UVA a chance to reassess and be creative in the budgeting process. 

In addition to the possible distinction of being the first budget after COVID, FY23 will also be the first budget to incorporate the "hard funding" model recently adopted as part of Finance Strategic Transformation (read more about that here on the blog).

Ashby stressed how "genuinely exciting" this moment in budget planning is for UVA.  Greater clarity into fund balances, a multi-year planning sensibility, and long-term view, the strategic partnership of the financial planning and analysis team, and enhanced reporting and analytical capability were cited as transforming budgeting at UVA.

Key dates in the FY2023 Budget Timeline:

• October 15:  Kickoff of the FY2023 Budget Process
• November:  Review of tuition & fees with student committees, public notice of tuition & fees, and submission of tuition & fees to BOV
• December:  BOV approval of tuition & fees, Governor's budget proposal
• February:  Budget submissions due
• April:  Final budgets completed in Adaptive Planning

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Read more about budgeting on the blog:  

Student Committee reviews Tuition & Fee Proposal 

Budget Process Redesign

Improving Fund Ownership Visibility

OFP&A Begins Rounding Allocations