Each NYU school and department estimates its spending for each upcoming year. With the help of the Office of Budget and Planning, this estimate becomes the budget. The budget is put in place by the beginning of the fiscal year, based on the intention of where schools and departments plan to spend.
After the original budget is created, NYU allows for adjustments to the budget to allow for new developments throughout the fiscal year. These adjustments are known as budget modifications. These adjustments to the original budget create the revised budget.
The Budget Control rules governing the verification process are determined by Fund and expense type, which means the system will evaluate spending differently depending on the Fund and expense account. The Budget Control rules ensure that a school or department has sufficient budget resources to pay salaries and purchase goods and services.
Each year the Budget Office prepares a list of key dates and deadlines for the upcoming cycle. The FY 2015 Calendar gives a chronological view of important times throughout the budget development cycle separated by subject area.