NYU schools and departments propose revenue and spending plans for the upcoming year at an annual budget meeting. Following evaluation by the Office of Budget and Planning and senior leadership of the University, the school and department is notified of its approved budget. The budget is loaded into the University's finance system, and becomes the Original Budget on September 1.
After the Original Budget is created, NYU allows certain adjustments to the budget to accommodate new developments throughout the fiscal year. These adjustments are known as budget modifications. After modification, the original budget becomes the school or unit's 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.
The Budget Office annually prepares a list of key dates and deadlines for the budget development cycle of the upcoming fiscal year. The Budget Development Calendar provides a chronological view of important milestones throughout the fiscal 2016 budget development cycle.