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October 1, 2010

Budget Process Workshop:. October 1, 2010. Agenda. Introduction Update and review of recent changes to budget process Coming soon to the budget process Open session – what are your issues?. Introduction. Purpose of workshops:

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October 1, 2010

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  1. Budget Process Workshop: October 1, 2010

  2. Agenda • Introduction • Update and review of recent changes to budget process • Coming soon to the budget process • Open session – what are your issues?

  3. Introduction • Purpose of workshops: • Communicate current/recent changes and obtain input on forthcoming changes • Establish regular venue for sharing information as recommended by recent RSM consulting report on budget and compact processes • Improve coordination of budget/compact processes • Timelier follow-through on Provostial commitments to Faculties

  4. Update and review of recent changes to budget process • Elimination of merit in budgets • Look & feel of the forms is still the same • “grid”  Total, Perm, Temp • Salary budget just “basic” • FZIBLIN - Ledger Incumbent Query by Position • Incumbent = per HR appointment • Data warehouse transactional views & reports

  5. Update and review of recent changes to budget process • Perm benefits in budgets • Effective June 1, 2010 • Applies to 1A funds only • Opening budget estimate (APRB) • Weekly adjustments (BENA) to coincide with payroll expenses and encumbrance for benefit expense • Budget and encumbrance posted to 600125 • PERM budget • Becomes a “restricted” budget account • At year end, any overage/shortage will be eliminated (700421)

  6. Update and review of recent changes to budget process • Upfront budget position control • Identify funding in advance • Are you being kept in the loop ? • Advise budget administrator if you put through a transfer to fund position • Positions supported by non 1A funds should not be appointed to 1A funds • No more “silo” salary budgeting

  7. Update and review of recent changes to budget process • New compact document

  8. Coming soon/ changes to budget process • Changes under theme: use current year budget for current year expenses • Carry forwards – mandate to eliminate • Encumbrances at year end - propose to no longer roll encumbered budget from one year to the next

  9. Coming soon/ changes (cont’d) • Budget development exercise – target date of 4Q • Review and verify what is in your budget lines • Suggestions from you on how to improve? • Financial reports – Quarterly justification of significant variances vs budget/prior year due to Provost (starting Q2)

  10. What are your issues with the budget process? • What is not working for you? What solutions do you propose? • What issues are of concern to your Dean/VP/ Sr. Management with respect to the budget process? • What issues are of concern to your Dean/VP/ Sr. Management with respect to ability to obtain financial information needed to manage?

  11. Discussion Questions?Comments?Suggestions?Concerns? Budget Process Workshop

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