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Fiscal Budgets

In the budget development process, each department with a fiscal-based budget develops a plan for the May 1 to April 30 time period.

Fiscal budget timelines

Budget managers receive original operating budget from divisional head

+/- Base and one-time-only (OTO) resource allocations

June 1 to April 30
Budget managers make budget adjustments as required once original budget is allocated

Planning fiscal budgets

During your fiscal budget planning stage, start with the following considerations:

  • The overall departmental strategy and how financial resources will be used to achieve the strategy;
  • Ensuring that there is sufficient base budget for all full-time compliment employees (FTCE);
  • Budgeting for any existing commitments such as term staff contracts and service contracts; and
  • Each salary budget needs a corresponding benefit budget as outlined in the Estimated Benefit Rates table.

Estimate benefit rates

Payroll affiliation Paygroup Unit Estimated benefit rate Vacation pay rate (note: add to salary expense)
MAC 107 N/A 21.00% N/A
OPSEU 104 N/A 23.00% N/A
TFA 100 N/A 21.00% N/A
TFA LTF 100 N/A 27.00% N/A
Senior Admin 101 N/A 14.16% N/A
MAC Term 107 N/A 21.00% 4.00%
OPSEU Term 104 N/A 23.00% 4.00%
OWSP & Short Term Temp 106 N/A 8.75% 4.00%
OPSEU Research Assistant 114 N/A 9.00% 8.00%
Research Assistant 118 N/A 8.86% 4.00%
CUPE Sessional 111 3904-1 15.71% N/A
CUPE Part Time 111 3904-1 15.71% 3.90%
CUPE TA/GA 113 3904-3 7.49% 4.00%
CUPE Continuing Education 109 3904-2 10.00% 4.00%
CUPE Maintenance 102 233 31.00% 4.00%
Post Doc 121 N/A 18.00% N/A
Grad Student Stipends N/A N/A N/A N/A

Budget entry methods

Financial Services sets up your budget in the financial system on your behalf. At the time of setup, you can choose your preferred method.

There are two styles of budget entry you can use, depending on the level of detail needed.

Line-level budgets outline the items on which money will be spent, but may not necessarily provide information on what exactly will be done. Generally, a line item budget has categories such as salary and benefits by employee group, equipment, travel, operating supplies, etc.

For further information on the university chart of accounts and account codes associated with major categories, please visit the Understanding TMU's Chart of Accounts page.

Refers to the items within the budget that are not attributed to specific categories, i.e. non-salary expense pool (e.g. 7000).

Monitoring fiscal budgets

As you go through the fiscal year, be sure to review and maintain your budget on an ongoing basis, including:

  • Monitoring actual performance against your budget plan.
  • Completing budget analyses and forecasting.
  • Running monthly financial reports to review details.

Note that if you’re new to budget management, you’ll need to complete learning workshops in order to gain access to the university’s financial system. Visit the Learning Paths page for help identifying which workshops to take.