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RHODES UNIVERSITY

RHODES UNIVERSITY. BUDGET 2014 LAUNCH PRESENTATION TO BUDGET COMMITTEE 29 July 2013. Developed and presented by Geoff Erasmus Management Accountant. CONTENT. Purpose of Budget Launch Budget Process Framework Key Elements Strategy Budget Information System Budget Principles

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RHODES UNIVERSITY

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  1. RHODES UNIVERSITY BUDGET 2014 LAUNCH PRESENTATION TO BUDGET COMMITTEE 29 July 2013 Developed and presented by Geoff Erasmus Management Accountant

  2. CONTENT • Purpose of Budget Launch • Budget Process Framework • Key Elements • Strategy • Budget Information System • Budget Principles • Budget Process Steps • Budget Cycle/Timeline • Budget 2014 • Key Parameters • Budget Templates • Budget Submissions • Time-table • Questions

  3. PURPOSE OF BUDGET LAUNCH • Get everyone on board • Present the process • Introduce and explain new aspects • Clarify uncertainties

  4. CONTENT • Purpose of Budget Launch • Budget Process Framework • Key Elements • Strategy • Budget Information System • Budget Principles • Budget Process Steps • Budget Cycle/Timeline • Budget 2013 • Key Parameters • Budget Templates • Budget Submissions • Time-table • Questions

  5. KEY ELEMENTS FOR A GOOD BUDGET • Purpose • The purpose and objectives of the budget is understood by all • Information • Adequate information made available to those involved in the process INFORMATION SYSTEM Designed to link and support all the elements of the budget. Principal Budget Factor Early identification of the appropriate factor to prevent delays Co-ordination Inter-relationships are managed and all stakeholders involved Participation Budget holders participate in setting their own budgets Inter-relationships Inter-relationship of budgets are understood and managed in relation to the principal budget factor

  6. BUDGET STRATEGY PARTICIPATION PURPOSE CO-ORDINATION • Stakeholder matrix developed • Budget launch on 29 July 2013 • Timetableagreed with relevant stakeholders • Three Budget Committee meetings • Academic budget requests to Deans’ Forum • Trainingfor budget developers • HOD’s sign-off • Purpose expressed in the Institutional Planning & Review Framework • Communicatedto stakeholders through the budget manual INTER-RELATIONSHIPS INFORMATION PRINCIPLE BUDGET FACTOR • Budget matrix developed • Budgets scheduled according to the relationships • Budget manual available on the Finance Divisions website • Templates include historical budget and actual expenditure information • Subsidy grant determined to be the principal budget factor • Subsequent budgets to be developed

  7. BUDGET INFORMATION SYSTEM What to expect from an information system Effectiveness & efficiency Intelligence speed Flexibility

  8. BUDGET INFORMATION SYSTEM Objective: to facilitate a budget process with speed, flexibility, intelligence and ease. Immediate solution: use MS Excel to develop user-friendly input templates and a budget for easy consolidated, analyses and presentation.

  9. BUDGET PRINCIPLES

  10. BUDGET PROCESS STEPS Approval and Sign-off Key Inputs and Parameters Review and Refine Develop Budgets Finance reviews and refines budgets with budget holders. Budget is presented to Budget Committee for further refinement. Budget is presented at F&GP, Senate and finally Council for approval. Budget holders are advised of their final budget allocations. Determine the key inputs and parameters. Budget manual is prepared and distributed. Developed by Finance and budget holders. The various budgets are consolidated to develop the university budget. Inputs include Enrolments, Fees, etc. Parameters include CPI %, Salary Increase %, etc. Academic departments, Divisions, Residences, Consolidated University, Surplus/Deficit. Consolidated University and Residences budgets, detailed per Division. Balanced budget. Budgets include Subsidy Income, Student fees, Academic expenditure, Capital Equipment, etc.

  11. BUDGET CYCLE 6 MONTHS Budget presented for approval at F&GP and Council Budget launch with budget manual distributed Budgets consolidated and reviewed Transfer running budget grants Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Academic capital budget grants allocated Preparation for new budget Budgets developed throughout University Budget presented at Budget Committee Budget finalised and communicated to stakeholders

  12. CONTENT • Purpose of Budget Launch • Budget Process • Key Elements • Strategy • Budget Information System • Budget Principles • Budget Process Steps • Budget Cycle/Timeline • Budget 2014 • Key Parameters • Budget Templates • Budget Submissions • Time-table • Questions

  13. BUDGET 2014 KEY PARAMETERS

  14. BUDGET TEMPLATES • Purpose of Templates • Tool to capture budget • Standardisation • Facilitates analyses and consolidation • Need for Improvements on existing templates • Insufficient ability for analyses and consolidation • Inconsistent naming of expenditure items • Slow and manual process • Features • Historical figures are pre-populated for comparison • Budget against GL Accounts • Option to enter annual or monthly figures (academic departments) • Monthly figures required from Support Divisions

  15. BUDGET SUBMISSIONS Includes Deans’ offices. Includes Community Engagement, International Office, RUMEP, LAC, EBRU, CSD, ISEA, RUMEP, David Rabkin. Includes SRC, Sports Administration, Rhodes Music Radio

  16. BUDGET 2014 TIME-TABLE

  17. END QUESTIONS ?

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