Financial Planning and Analysis update - June 2023

June 30, 2023

On Saturday, June 10, the Yale Corporation, the university’s principal governing body, unanimously approved Yale’s fiscal year 2024 (FY24) $5.4 billion operating budget. This approval confirms and validates tremendous effort by hundreds of individuals across the university to develop and deliver a thoughtful and fiscally responsible plan to support Yale’s mission. The FY24 operating budget will support the university’s activities between July 1, 2023, and June 30, 2024, in 50 distinct planning units.

The annual operating budget process takes well over half a year to complete from start to finish. In December we kicked off the FY24 budget season with a series of meetings with business office staff. These meetings allowed us to communicate budget timelines, deliverables, parameters, and new or changed aspects of the budgeting process. The Yale Budgeting Tool (YBT) opened to the schools and units on January 16, and users worked over the next six weeks to prepare their budgets for a late February deadline. Units presented their FY24 budget proposals to the Budget Advisory Group (BAG) in March and April. This senior leadership group includes seven tenured faculty members in addition to Provost Scott Strobel, Senior Vice President for Operations Jack Callahan, Vice President for Finance Steve Murphy, and other senior administrators. The group met with the units to understand their budget proposals and make recommendations that the provost presented to the Corporation Finance Committee for approval in June. Units recently received budget approval letters after the June meeting was complete, just in time to start the new fiscal year.

Of course, the summary of events above is only the tip of the iceberg. It is an entire community effort to achieve an annual budget for our university. Our FP&A team works together and collaborates with colleagues from across the central Finance teams and within business operations. We are constantly striving to improve the process each year by incorporating feedback from our partners. We welcome any suggestions or comments on the budget process (or any of the annual financial processes FP&A supports) you would like to share with us. A huge thank you to everyone who contributed effort to this year’s budget. We couldn’t do it without you!

Wishing you all a wonderful summer, a great FY23 year-end close, and a positive start to FY24!