The University Budget Committee consists of the President, the Vice-President, Administration and Finance and the Comptroller.  The Committee, supported by the Comptroller's Office, normally issues its "budget call" in early October each year.  In the "budget call", faculties and departments are asked to prepare staffing plans, revenue budgets, and expenditure budgets for the upcoming fiscal year with estimates for the succeeding two budget years.  They are also required to forecast their current year budget to the end of the year.

A consultation process occurs between the deans and directors with their appropriate Vice-President in preparation for presentation to the Budget Committee in early December.  Every dean and director presents his or her budget to the Budget Committee.

The Budget Committee reviews and prioritizes the budget submissions that it has received from the various faculties and departments.  The Committee provides advice to the Comptroller's Office, who continues to refine budget estimates from January until early April to develop the budget for the next fiscal year.  In late April, a draft budget is developed and presented to the Finance and Audit Committee of the Board of Governors.  From there, a final budget is presented to the Board of Governors in early May.