Budget Cycle
Quarter 1
July
- Previous fiscal year reconciliations and final Q4 adjustments
- New fiscal year position budget and merit adjustments posted in Workday for all employees except Academic Faculty.
- Beginning year budgeted cash transfers
August
- New fiscal year position budget and merit adjustments posted in Workday for Academic Faculty.
- Campus communications about the new fiscal year budget being available in Workday
- Departmental meetings on spending plans and other fiscal year needs
- Next year’s faculty FTEs recruitment plan approved
September
- Fall semester revenue review
- Q1 revenue and other adjustments reviewed and approved by Executive Leadership
- Vacant FTEs reviewed and discussed with departments
- Planning for next fiscal year’s mandatory fees and charges begins
Quarter 2
October
- First Budget Committee meeting
- Q1 non-GAAP financials available
- Budget begins projecting next fiscal year budget items and updates the five-year budget forecast
- Departments receive Q1 reconciliations and variance reports
- Receive and complete the annual Budget Data Book report for the Department of Higher Education (State of Colorado)
- Review spring semester adjunct requests
- Mandatory student fees and charges presentations for student government
November
- Finalize spring adjunct requests
- Update winter research contracts
- Next year’s cost of attendance (COA) preliminary estimate developed
- Next year’s housing, dining, and parking rates analysis started
December
- Q2 revenue and other adjustments reviewed and approved by Executive Leadership
- Next fiscal year’s budget planning and potential request process begins
- Implement winter research contracts adjunct payments
Quarter 3
January
- Q2 non-GAAP financials available
- Spring semester revenue review
- Next fiscal year’s fees and charges request process begins (includes mandatory student fees)
- Budget receives all potential budget changes and develops a first draft of next year’s budget
February
- Academic allocation model updated
- Executive Team reviews budget adjustments and approves next fiscal year’s preliminary budget
- Finalize next year’s proposed fees and charges
- Proposed housing, dining, and parking rates finalized for next approval steps
- Student governments approve mandatory student fees and review other fees and charges
March
- Q3 revenue and other adjustments reviewed and approved by Executive Leadership
- Budget Committee and Board of Trustees (BOT) initial budget reviews
- Academic operating budget developed
- Summer semester budget work
- Debt payment review
Quarter 4
April
- Q3 non-GAAP financials available
- Annual salary increase process begins
- Academic operating budgets finalized
- Final next fiscal year’s budget ready for Budget Committee and BOT next steps
- Budget Committee approves next fiscal year’s budget and FTEs
- President and Executive Leadership approve next fiscal year’s budget and FTEs
- Finance and Audit Committee (FAC) approves next fiscal year’s budget and FTEs
May
- Complete the annual salary increase process
- BOT approves next fiscal year’s budget and FTEs
- Budget communicates next fiscal year’s budget decisions to campus partners
- Implement summer research contracts adjunct payments
June
- Q4 revenue and other adjustments reviewed and approved by Executive Leadership
- Year-end budget processes begin
- Begin inputting next fiscal year’s budget and salary adjustments into Workday
Budget Guidelines
Financial Management Guidelines
The financial position and future of the Colorado School of Mines is dependent on several variables including enrollment, research growth, changes in industry demand, and competing institutions at the national and international levels. In order to capitalize on these variables and respond to the challenges they may present, the university must maintain a strong financial position, flexible resources, and accountable financial management. The Financial Management Guidelines are designed to provide the ability to track, forecast, and project current and future resource needs in order to respond to the changing financial environment and to continuously strengthen the university’s financial position.
Capital Budget Guidelines
The Colorado School of Mines capital budget is impacted by several factors including the
implementation of a new strategic plan, the growth in enrollment and research, and the availability of
state funds for deferred maintenance projects. The Capital Budget Guidelines have been developed to ensure all
competing factors are considered and any use of capital funds is fully vetted and align to the overall
mission and goals of the university.
SB003 Guidelines
- Colorado School of Mines intends to use fee-for-service funding from the State of Colorado to provide access and affordability to Mines for Colorado’s best and brightest students. The SB003 Guidelines have been developed to identify what our fee-for-service funds will be used for. SB003 Guidelines – State statutes:
- Colorado Revised Statutes 2016 – TITLE 23
Fees and Charges
Student Fee Guidelines
Mines evaluates fees and charges annually and works with campus departments and students to propose next year’s rates. In accordance with C.R.S. 23-1-123 (HB94-1362), the Mines Board of Trustees adopted the Institutional Plan for Student Fees and Other Charges.
The Colorado Commission on Higher Education Tuition and Fees policy specifically states that the institution’s governing board must approve all fees assessed to students, including those charged for a specific course. View the guidelines for the board policy.
To propose, adjust, or eliminate a fee or charge, a new template with instructions will be coming for the FY2027 Fees and Charges to be completed by January 31, 2026.