Mission Statement
As a committee of the Board of Trustees of the University of Pittsburgh, the Budget Committee shall provide general oversight and guidance regarding the sufficiency and allocation of the University’s fiscal resources, particularly its unrestricted resources, for the furtherance of the University’s academic mission. This shall be accomplished by reviewing and approving the annual operating and capital budgets for the University, reviewing periodic financial statements of the University that compare actual revenues and expenditures to those that were budgeted, reviewing periodic reports that compare actual capital expenditures with budgeted amounts, assessing key financial ratios, evaluating liquidity needs, monitoring the change in net assets, and overseeing and approving the issuance of debt.
With respect to the Capital Budget, construction projects over $2.0 million shall be reviewed and approved by the Property and Facilities Committee and then forwarded to the Budget Committee. The Budget Committee shall be responsible for ascertaining the integration of the Capital Budget with the Operating Budget, for determining the financial implications of the Capital Budget, and for annually endorsing and recommending the Capital Budget and the Operating Budget to the Board of Trustees for approval. The Committee will periodically report to the Board on its activities.
Liaison to the Committee
Thurman Wingrove (Interim Chief Financial Officer)
Committee Chairperson
Larry Merlo