The principal mission of the university's Budget Office is to develop annual and long-range university budgets for the Board of Trustees' approval and administer the budgets through the fiscal year. In this role, the University Budget Office formulates annual and long-term revenue models and integrates expenditure priorities that are expressed in the university strategic plan.

Another mission of this office is to originate research, develop analysis and provide recommendations to senior management on a wide variety of academic and financial issues that have a major impact on the university budget. These include budget proposal review of new programs, budget performance review, revenue/expense forecasts, market comparison and benchmarking study, and long-range budget planning.

To serve the missions described above, the University Budget Office plays an important role as a catalyst. The office works in collaboration with various constituencies, including faculty committees, student governance organizations, college deans, vice presidents, senior administrators, and unit budget managers.

The budget development and management process at the university is participatory in nature. Appointed annually by the President, the University Budget Committee consists of members of the Finance Committee of the University Senate, students, staff, and administrators. The Committee works together to formulate a budget proposal and makes recommendations to the President. The University Budget Office is responsible for the production of the budget proposal to the Board of Trustees, and dissemination of budgetary information to the university community.

During the course of each fiscal year, the University Budget Office prepares a quarterly budget performance review to ensure adequate budgetary control and makes recommendations for budget modifications. The office also leads budget forums for unit budget managers to communicate updated information and provides guidance to the budget managers on efficient budget management procedures.