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The Hong Kong Polytechnic University

The Hong Kong Polytechnic University. Department of Applied Social Sciences Cum Unit for Third Sector Studies. 3 March 2006. Meeting Challenges and Creating Opportunities under the Lump Sum Grant . Chris Mong Associate Vice-President & Director of Finance The Hong Kong Polytechnic University.

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The Hong Kong Polytechnic University

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  1. TheHong Kong PolytechnicUniversity Department of Applied Social Sciences Cum Unit for Third Sector Studies 3 March 2006

  2. Meeting Challenges and Creating Opportunities under the Lump Sum Grant Chris Mong Associate Vice-President & Director of Finance The Hong Kong Polytechnic University 3 March 2006

  3. Agenda • Objectives of Lump Sum Grant • Challenges • Opportunities • Information Dissemination • Check and Balance Rules • Experience Sharing – One-Line Budget System in PolyU

  4. Why?Objectives of the Lump Sum Grant • Facilitate management based on the spirit of mutual trust and respect • Empower decision making at or near the site of action and expertise • Provide supporting mechanism for Head of Organization to meet goals successfully

  5. Challenges • Management Culture Shift • Technology Upgrade

  6. ChallengesManagement Culture Shift • Proactive Management • Plan, Budget and Monitor • Review and Support • Devolution and Flexibility • Risk Management • Executive-led

  7. ChallengesTechnology Upgrade Financial Management Systems: - • Workflow technology • User friendly tools for input and output • Timely management information

  8. ChallengesTechnology Upgrade (Con’t) Other Management Systems: - • Human Resources • Payroll & Benefits • Purchasing

  9. Opportunities • Use of resources in optimal way • Avoid unnecessary resource wastage • Achieve cost savings • Facilitate better staff & resource planning

  10. Information Dissemination • Updated and timely management information is critical for decision making

  11. Check and Balance Rules • Internal Audit • Governance • Committee Structure • Clear division of work between CFO and COO

  12. Check and Balance Rules(Cont’) • External advisors • Internal consultation mechanism • Clear policies and guidelines

  13. Experience Sharing One-Line Budget System in PolyU

  14. One-Line Budget Management System Objectives • Decentralization of decision making • Flexibility in budgeting through • Use of vacancy savings • Budget virement • Carrying forward of unspent funds

  15. One-Line Budget Management System How One-Line Budget System works • Budgets are allocated to departments for each of the three coming years under four categories : • Academic Staffing (for academic depts only) • Other Staffing • Staff Development, Conference & Duty Visit • Equipment and other items • Departments are required to prepare Spending Plan comprising of One-Line Budget items on a 3-year rollover basis

  16. One-Line Budget Information System Objective To support the management and operation of the One-Line Budget System by providing : • Financial and staffing information • Computing worksheets with built in calculating functions for preparing Spending Plan • Facility to submit and approve Spending Plan • Facility to raise recruitment request and to commit funds

  17. ~ Thank you ~

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