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March 6, 2006 | by  | in News |
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Newsflash: VUWSA budget completed

The 2005 budget for Vic’s Student Association (VUWSA) has been completed and approved by the Executive, almost nine months late.

Although the budget is usually completed in April, the resignation of 2005 Treasurer Bevan Callaghan in early May before the budget was written partially contributed to its untimeliness. The job was left for incoming Treasurer Miri Duffield, elected in August for a relatively short period up to the end of the year.

Don Trow, Professor in the School of Accountancy said that there was “no relevance whatsoever” in a budget that was completed after the year had ended. However, VUWSA’s Constitution states a budget must be completed each year.

While most businesses complete their budgets before the beginning of the new year, Exec members do not formally begin their jobs until January, making it impossible for VUWSA to prepare budgets in advance.

Instead, the process begins with the Executive retreat near the end of the preceding year, which gives exec members a chance to formulate spending based on their election promises. From this, many mini budgets are drawn up until the final one is completed, usually around April. The process is disrupted during Orientation after which the exec has a better idea of what students’ requirements will be over the next year- requirements such as membership in clubs or car parking.

The process is different across universities. Otago University’s student association (OUSA), for example, prepares and approves its budget in the second trimester of the preceding year.

At the time of writing VUWSA’s financial performance is not yet apparent. The actual figures are soon to be presented to an auditor and will be published in VUWSA annual report.

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