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Important Notice

This page will no longer be in service as of 27 May 2022.  Please see uvafinance.virginia.edu for the most recent information from UVA Finance.

Operating Budget

University Operating Budget

Each fiscal year, the University of Virginia develops its annual operating budget.  The operating budget builds on the principles of the University Financial Model (UFM), with a focus on sources and uses.  All 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. 

All units 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, are made by the executive vice presidents in consultation with the President and the Deans.

In September of 2020, the Provost appointed the University Financial Model (UFM) Review Committee to evaluate this state of strategic alignment at UVA. The Committee was asked to consider whether the UFM was properly configured to advance the University’s mission, the 2030 Plan, and other University priorities. The Committee was also charged with soliciting the concerns of Activity Centers and Central Service units about the current UFM’s ability to support their operations and planning needs and asked to make recommendations to address them. The UFM Review Committee’s final report has been accepted by University Leadership and the transition to UFM 2.0 will occur in fiscal year 2023.