Budgeting Office

Financial Planning and Budgeting

The Budget Office is tasked with developing and administering the University’s annual operating and capital budgets, and maintaining the long-range financial plan at Bryant. We use measures such as reviewing, monitoring, analyzing, forecasting, and modeling to ensure that institutional resources are used effectively and sustainably to support the mission and visions of the University.

We work closely with departments and divisions and provide tools and user education to help inform wise spending and investment decisions, to facilitate more effective budget management, and to develop insights for operational efficiency improvement.

Annual Capital Budget Process

A project budget includes all of the costs pertaining to the completion of a project; it contains so-called hard construction costs and the soft costs for planning and miscellaneous fees and expenses. In the early stages of planning, estimates of these costs are provided by professional estimators or construction managers. Early pricing is often based upon comparison with recent projects on a cost-per-square-foot of area or a cost-per-occupant. As the plan becomes more detailed, such as at the end of the design development and subsequent construction documentation process, then more precise estimates can be developed. Accurate cost control through the design process helps to ensure that the project will emerge from the bidding process consistent with program and financial objectives.

Normally the planning process culminates in the completion of a thorough set of construction documents that are distributed to a pre-approved list of bidders. The bidders are invited to submit competitive bids on or before a specified time to the Director of Purchasing. However, when a CM is engaged by the University to manage the project, the CM receives all subcontractor bids and provides the University with an analysis and recommendation of which subcontractors should be engaged on behalf of the University.

For smaller projects of limited scope, budgeting can occasionally be done by a University PM who may use historical cost records, published cost data, or advice from trusted subcontractors to establish a reliable estimate.

(Minor Projects) An annual capital request process provides department budget managers with an opportunity to propose specific capital projects for the consideration by the President's Cabinet. A notice is issued by the Director of Capital Projects to Budget Managers who are asked to submit requests to their respective Vice Presidents. The Campus Management Staff often provides assistance in the preparing the cost estimates for these proposals. The Vice President selects projects to pass on to the entire Cabinet for review. Projects approved by the President and his Cabinet are passed on to the Board of Trustees for final approval.