Each fiscal year, the University of Virginia develops its annual operating budget.  The operating budget continues to build on the principles of the University Financial Model (UFM), sources and uses.  Activity Centers and/or units develop their budgets in line with their baseline operations, including increases or adjustments for the revenue and expense assumptions provided by the Office of Financial Planning and Analysis. 

Many of the assumptions used will serve as conservative placeholders that will be updated when other planning and approval processes take place during the budget planning cycle. 

As part of the annual budget process, units may submit new requests for additional funding as part of their proposal by using a New Funding Request form. 

All units will have an opportunity to review budgets and discuss strategic plans & requests with the EVP/Provost, the EVP/Health System and/or EVP/COO.  Decisions related to operating support, as well as additional funding requests, will be made by the executive vice presidents in consultation with the President and the Deans,and will be communicated at the end of the budget process after final approval of the Board of Visitors (BOV).