FINANCIAL PLANNING AND BUDGET PREPARATION
The financial planning process begins with the development of planning assumptions and tentatively ends with loading the final budget information into the University’s Banner system for the new fiscal year. The new fiscal year begins September 1st of each year and a budget must be approved by our Board of Regents prior to that date.Some of the steps completed by the Budget Office in the process are as follows:
·Reviewing enrollment trends.
·Preparing revenue estimates for all funds.
·Running what if scenarios based on possible tuition and fee changes.
·Preparing a draft budget preparation timeline.
·Initiate salary planner for budget development.
·Reviewing estimates for longevity pay.
·Calculating and updating any salary and/or title changes.
·Creating budgetary positions for all new positions.
·Estimating fringe benefits.
·Working with the Facility Services budget analyst, review utility expenditures and make recommendations.
·Reviewing departmental budgets for telephone charges to be budgeted.
·After meeting with the Budget Oversight Committee, prepare necessary documents for departmental budget submissions.
·Support any budgetary changes needed.
·Working with any area needing assistance in analyzing their budget needs.
·Reviewing source of funding for all expenditures.
·Prepare draft budget for approval by the Board of Regents and any necessary supporting spreadsheets, presentations, etc.
·Complete the steps required in the current operating system to open the new year and update salaries and positions.
Responsible for Implementation: Vice President for Business Affairs and Finance