IMSA’s planning for their programmatic and spending priorities for the next fiscal year (July 1-June 30) begins each summer. IMSA leadership collaborates on strategically determining the institutional priorities that will be funded, at least in part, by state funds (known as EAF- Educational Assistance Funds). Priorities have ranged in recent years from expansion of outreach programs across the State to seeking a change in procurement classification for IMSA. After the planning phase, the corresponding funding request for the next fiscal year is formalized and then presented to the Illinois Board of Higher Education (IBHE).
The responsibilities and involved of IBHE in IMSA’s budget process is as follows:
- IBHE is responsible for planning and coordinating the state’s system of higher education. Among the Board’s primary responsibilities is recommending to the Governor and the General Assembly the budgetary needs for higher education institutions and agencies, including IMSA, at the conclusion of their budget process. IMSA is under the budgeting authority of higher education since it serves students across Illinois, instead of solely from one town, where property taxes serve as the primary source of education funding for students from that individual town.
- The budget process for the IBHE begins with submittal of budget requests from IMSA, all Illinois public universities, the Illinois Student Assistance Commission (ISAC), the Illinois Community College (ICC) Board the State Universities Civil Service System, and the State Universities Retirement System (SURS).
- IMSA’s budget request accompanies a presentation to the IBHE leadership in Springfield, typically in October each year. The presentation is followed by a discussion with the IBHE staff on IMSA’s priorities, programmatic needs, and state revenue projections and debt.
- After the budget requests are completed by IMSA and the rest of the state agencies and universities (by February), the IBHE staff sends their final budget recommendations for operations, grants, and capital spending for each entity to the Governor and General Assembly.