The Extraordinary Governing Council dated on the 29th December 2011 has approved the Initial Budget Proposal submitted by the University of Oviedo for fiscal year 2012, which has been sent to the Social Council for its definitive approval.

The 2012 Budget amounts to 211.502.750 euros, a figure which means a reduction by 2.98% with respect to 2011 Budget. This decrease is due to the hard economic situation the country is going through, which forces our institution, as happens with the Civil Service in general, to take measures to limit the public spending. Thus, the University adapts itself to the budget cuts, which it expects to recover through 2012.

In these hard times and in the drafting of this Budget, it has been made a great effort to efficiently allocate our economic resources, so that the institution's main aims are achieved: provide the society with a first-class teaching and researching activity. In this way, one of the main objectives is to accurately cover estimated labor expenses through the 2012 fiscal year. For this, is has been necessary to make a significant effort to restrain the spending, basically in terms of current expenditure, which affects the other budget sections.

Once and again, the most important items for this Budget's financing are made up of transfers from the Principality of Asturias. The 2012 Budget for the Principality of Asturias not being approved yet, a Budget equivalent to that of 2011 has been estimated, once the loans for services and programs due to be finished by 2011 were eliminated.

If throughout this Budget's performance the Principality of Asturias should approve a Budget in which transfers to the University of Oviedo were lower than the estimated, then it will be applied the prediction which figures in the 5.3 article on Execution Basis, which specifies: "the Rector will be able to establish, by means of a resolution and in justified cases, credit retentions in order to guarantee a balanced budget, fulfill the objectives as regards deficit and debt or in case corporate policies of financial constraint are adopted, in which case excessive expenditure will be charged to the corresponding Managing Centres. In any case, this measure will be justified by means of a Manager's Office Report and the subsequent information to the Governing Council and Social Council"