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The University has a budget cycle that spans three fiscal years at any given time. Budget and salary guidelines are released annually at the end of the current fiscal year to begin planning for the next fiscal year. At the same time, budget meeting materials are being reviewed and approved for the current fiscal year, while they are also being prepped for the next fiscal year. As budgets are finalized for the upcoming fiscal year, budget development opens. Units begin entering their budgets in the budget development system while the Budget Summary for Operations is being finalized and approved. In September at the Board of Trustees meeting, the BSO is approved and published. At the same time, close out of prior fiscal years is occurring as well as review of prior year deficit reduction plans. The cycle begins again as budget meeting materials are distributed to units for meetings to begin occurring in spring.