Find an overview of the budgeting process.

Operating Budget

While the Faculty’s operating budget is mainly funded centrally, other resources that augment the Faculty’s operating funds include:

  • unrestricted specific-purpose
  • endowment funds
  • and departmental research overhead accounts 

In addition, the Faculty of Medicine has two fund codes set up to hold self-sustaining Fee for Service programs and Salary and Benefit Billbacks.

FD002 Fee for Service

The Fee for Service Fund records all transactions applicable to revenues generated by University Faculties, Departments, etc. that are generated on a fee-for-service basis. These funds support or supplement the General Operating Fund allocations of these departments. The Fee for Service Fund is a revenue-based fund, managed by the responsible department and has no external restrictions on their use.

FD003 Salary and Benefit Billbacks

This fund records all billback transactions for the Faculty of Medicine.

FD000 General Purpose Operating Fund

Centrally-funded operating funds, housed in  FD000 funds, are annually allocated to different Department/Schools under the Faculty.  While the bulk of the operating funds is placed in the Department’s/School’s main GPO account, Departments/Schools may elect to transfer these funds to other GPO accounts. 

Meanwhile, the University requires the Faculty to put forward an annual budget on expected operating revenues and expenses. These plans are prepared at Department /School levels that roll up to the Faculty level, utilizing the Hyperion Budget Module.  Departments/Schools are required to submit signed budget plans to the Dean’s Office after they have finalized their budgets.