Posted on June 27: Board of Governors approves comprehensive budget

McMaster's Board of Governors' approved the University's first consolidated budget, incorporating all sources and uses of income totaling an estimated $580 million.

“This is without question the most comprehensive and complete budget document I've ever seen,” said Roger Couldrey, Finance Committee chair, of the University's 2003/04 operating budget. “And it's a balanced budget.”

Driven by the University's academic mission, the document got a unanimous stamp of approval from the Board of Governors.

For the first time, the budget encompasses the operating fund and budgets of all ancillary departments. Financial information on sponsored research, trust and endowment and capital funds is also included for the first time.

“The 2003/04 budget is a transition document that will take us through the “year of the double cohort” and through the first steps of Refining Directions”, writes McMaster President Peter George in his report to the Finance Committee. “As well, our first attempt at a consolidated financial picture for the University will be refined in subsequent years. The Budget Committee has, I believe, presented a budget that is driven by our academic mission and plans and meets our financial objectives.”

The 2003/04 operating budget is available online.

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McMaster&#039;s Board of Governors&#039; approved the University&#039;s first consolidated budget, incorporating all sources and uses of income totaling an estimated $580 million.<p><br />
<br />
"This is without question the most comprehensive and complete budget document I&#039;ve ever seen," said Roger Couldrey, Finance Committee chair, of the University&#039;s 2003/04 operating budget. "And it&#039;s a balanced budget."<p><br />
<br />
Driven by the University&#039;s academic mission, the document got a unanimous stamp of approval from the Board of Governors.<p><br />
<br />
For the first time, the budget encompasses the operating fund and budgets of all ancillary departments. Financial information on sponsored research, trust and endowment and capital funds is also included for the first time.  <p><br />
<br />
"The 2003/04 budget is a transition document that will take us through the "year of the double cohort" and through the first steps of Refining Directions", writes McMaster President Peter George in his report to the Finance Committee. "As well, our first attempt at a consolidated financial picture for the University will be refined in subsequent years. The Budget Committee has, I believe, presented a budget that is driven by our academic mission and plans and meets our financial objectives."<p><br />
<br />
The 2003/04 operating budget is available <a href="http://www.mcmaster.ca/anbud/budget/consbud03.pdf">online</a>.

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