Memorial’s budget policy allows units to carryover surpluses or deficits from the previous year. Units typically use surpluses to save for one-time expenditures. Generally, units can save up to 10 per cent of their current-year base budget allocation.  

In the past, any carryover above 10 per cent reverts to the portfolio in which the unit resides and is used to support the portfolio operating budget. 

At its Dec. 5, 2024 meeting, the Board of Regents passed a motion restricting units from using carryover. This initiative will be evaluated on April 30, 2025.

The Board requested that a process be established to ensure that exceptions for institutional priorities (such as ongoing capital projects) can occur.

Acknowledging that units have been planning their operations based on previously submitted carryover plans, the President’s Executive Council (PEC) has developed a process to review transfer requests from carryover.

The Budget Office will oversee the submission of transfer requests from carryover, which will be submitted to PEC for review. PEC will receive weekly reports from the Budget Office on carryover usage. Senior administrative officers/financial managers will be contacted by the Budget Office with additional details in the new year.