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Budget Office tracks reporting deadlines, Springfield action

Illinois Capitol

Creative Commons license photo from Flickr user aka kath.

Creative Commons license photo from Flickr user aka kath.

A series of key budget reporting deadlines will keep the Budget Office plenty busy this fall.

The Budget Office is required to submit to the Illinois Board of Higher Education (IBHE) extensive reports pertaining to prior year expenditures by September 30. These reports provide a breakdown of the University’s expenditures by fund, function, and object code.

At the same time, the Budget Office is planning for fiscal year 2015 and required to submit an Operations and Grants as well as Capital Budget Requests to the IBHE by the end of October.

Later in the fall or early winter, the IBHE will host budget overview meetings with each campus. The purpose of these meetings is to discuss the Operations and Grants and Capital Budget Requests as well as an open and frank discussion about long-term needs and any insight the IBHE might have for the upcoming legislative season.

In October, Illinois State’s Board of Trustees will consider the proposed FY2015 Operations and Grants and Capital Budget Requests. If approved by the trustees, the requests we will move forward to the IBHE and, ultimately, the General Assembly and governor.

Appropriation: The current fiscal year appropriation (Public Act 98-0035) for FY2014 has been finalized by the Illinois General Assembly. The general revenue appropriation is the amount allocated from the state for general operating needs and comprises approximately 18 percent of the total University operating budget. For the first time in a number of years, Illinois State did not receive a reduction in state appropriation. However, the $74,089,200 received from the state is less than the appropriation in FY1998.

Pension reform: As most are aware, there has been no meaningful movement on the various pension bills. As of now, the University pension contribution has not changed, nor have there been any changes to the employee contribution and benefits. The Budget Office continues to monitor the situation closely.