BUDGET ESTIMATE PREPARATION IN FINANCIALLY AUTONOMOUS HIGHER EDUCATION INSTITUTIONS: ALIGNING FORMULA-BASED FUNDING WITH THE ACADEMIC CALENDAR

Abstract

This paper compares the practice of preparing budget estimates in financially autonomous public higher education institutions with the formula-based funding mechanism and the academic calendar. Using tuition-fee budget estimates of Tashkent University of Information Technologies named after Muhammad al-Khwarizmi, the study identifies systematic overstatement of planned amounts and a timing mismatch between quarterly expenditures and revenues. A budgeting procedure beginning with forecasts of student enrolment and revenue, together with a tuition-fee collection coefficient, is proposed.