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Florida International University Budget Concepts & On-Line Tool Training
February 25 – 28, 2014
1
Budget Assumptions
Budget Development
Important Concepts Forecast Versus Requested Budget
Practical Applications – Tools & Resources
2
Workshop Objectives
Important Concepts
3
1) Assumptions
2) Data Entry
3) Review
4
BUDGET ASSUMPTIONS Enrollment
FTE 29,517
FTE 29,963
FTE 30,863
FTE 31,486
FTE – Annual Count based on Fiscal Year Fall, Spring, Summer Enrollment Figures are preliminary and subject to change. Professional includes College of Medicine and Law
23,921 24,101 25,154 25,555
3,918 3,420 3,193 3,192
732 814 822 944
-
8,000
16,000
24,000
32,000
FY 2012-13Actuals
FY 2013-14Budget
FY 2013-14Forecast
FY 2014-15Preliminary
Budget
Professional
Graduate
Undergraduate
Will be based on FY 2013-14 final budget adjusted for: • Recurring and nonrecurring legislative actions • Changes in fringe benefit rate • Recurring salary adjustments
University-wide recurring salary adjustments • Budgeted centrally for E&G • Budgeted by units for non-E&G
• Existing bargaining commitments
Departments should budget for individual salary actions
Interdepartmental Rates - refer to the OFP website for the
various rates Property Insurance rates will be provided by Auxiliary &
Enterprise Development
5
BUDGET ASSUMPTIONS Expenses
E&G Control Totals
Salaries
Other Direct Expenses
A NEW ERA—ACCOUNTABILITY AND PERFORMANCE!
6
How can you help to restructure / refocus?
Find alternative revenue streams that benefit the university
Identify areas that we should focus on that will assist in ensuring we achieve performance expectations
Look for operational efficiencies and redundancies
Ask the tough questions, what activities / services do we need? Not need? Where can we do more with less?
Be the financial gatekeeper for ideas generated in your department
Important Concepts
7
1) Assumptions
2) Data Entry
3) Review
Important Concepts
8
Detail Budget Maintenance
= DBM
Forecast = 2013-14
Current Year (CY)
Control Total =
Budget Author/Max
Budget = 2014-15
Next Year (NY)
Budget Manual & Other Resource
available on OFP Website
FORECAST AND BUDGET PROCESS Timeline
Mar.3 Mar.11 Mar.28 Apr.21 Feb.24 Apr.25
DBM is open Actuals Periods 1-7
& Positions data uploaded into DBM
FCST DUE FY 2013-14 FCST
due in DBM to OFP.
Position Tool
load from HR
ACTUALS 1-8 Position data refreshed
(based on March 3rd. pay period)
BUDGET DUE FY 2014-15 BUD due
in DBM to OFP
CFO / Unit Budget Reviews start
Data Entry Stage Required Actions
10
Forecast FY 2014 Requested Budget FY 2015
July 1, 2013 – February 28, 2014
March 1, 2014 - June 30, 2014 July 1, 2014 - June 30, 2015
Salaries
Actuals pre-populated
Pre-populated with Salary Encumbrance (includes Contractual OPS)
Action: Verify projections
Projections will be automatically populated in Detail Budget Maintenance on a cash accounting basis
Action: Update budgeted positions in
the Position Tool
Other Direct Expenses
Actuals pre-populated
Pre-populated with Original Budget of corresponding period; except E&G, based on YTD run rate
Actions: Verify projections Enter hourly temporary employee
projections into Detail Budget Maintenance
Update Cash transfer tool
Action: Enter projections into Detail
Budget Maintenance Update Cash transfer tool
Monthly budgeting of line items by Activity Number by account
Individual units are also now required to submit their budget online for the following funds:
Financial Aid (Fund 471 & 472)
• Sources of revenues to account for:
Institutional Aid – Allocations will be provided by Office of Financial Aid
Foundation – Available funds will be provided by the Foundation Office
Departmental Scholarships – Monies set aside from your E&G or Auxiliaries Funds
• Expenses should equal your Revenues.
• Timing:
Fall Disbursements
Expenses should be recognized in September and Revenues in October
Spring Disbursements
Expenses should be recognized in January and Revenues in March
11
Data Entry Stage Financial Aid
New Processes
Each Executive Area Budget Manager will be required to submit a request for Concession funds to the Office of Financial Planning
• Requests will be reviewed and approved by the CFO; guidelines memo and request form posted on OFP website
• Funding will be determined based on:
Major Events & Commitments – first priority funding
Other Initiatives – funded with remaining available funds
General Notes
12
Individual units will not be required to submit their budget online for the following funds:
• Sponsored Research Projects and Miscellaneous/Overhead ID’s (Funds 651 and 652)
Forecast and budget developed and input into PantherSoft by the Division of Research
• Recharge Centers (Fund 350)
Forecast and budget provided by the Division of Research with input from the Recharge Center
• Concessions (Fund 461)
Forecast developed by the Office of Financial Planning
Budget based on EABM requests that have been approved by the CFO
Input into PantherSoft by the Office of Financial Planning
General Notes
13
Important Concepts
14
1) Assumptions
2) Data Entry
3) Review
OFP Website - http://finance.fiu.edu/ofp/index.html
• Comprehensive Budget Manual • On-Demand Videos • Rate Guide • Timeline
Open Labs • BBC in HL-124
• March 5, 2014 9am – 12pm
• MMC in W6-106A • March 14, 2014 from 9am – 12pm • April 11, 2014 from 9am – 12pm
15
Resources
16
Questions & Answers
Case Study
17
18
Case Study
MENTAL MAP
19
WHAT IT ALL MEANS
• Brad’s Last Day = Next Week
• Is that before June = Yes
• Change in Responsibility = HR Update
• To be filled Next Year (NY)=
– Position Tool Updates
– Update Employee Type
– Comp Rate
ACTION ITEMS
FORECAST
• Run FC & Update end date
• The worksheet should calculate
the new salary & fringe totals.
BUDGET
• Complete HR Process to change
the position to Admin
• Verify that you have the new
comp rate.
SYSTEM DATA
FORECAST
• Enter lump sum from FC in
DBM ACTUAL ledger.
• If this is the only update, the
salary and fringe will decrease.
• Rerun FC and review
BUDGET
• Position Tool: Find the position
and edit the employee type
and comp rate
• Run R2 and review
Review Stage Report Options
20
RQ Report shows the requested budget by activity number for total revenue, salaries and
benefits, OPS, OCO, Debt Service and Total Operating Expenses. Review for incremental rollup
FC Report shows the salaries & benefits and encumbrance amounts for filled permanents and
bi-weekly temporary positions for the last 4 months of the CY. This report also has other expenses. Great for what-if scenarios
R2 Report shows the requested budget request by account and month. It also shows the CY
original budget vs. the forecast entered with a summary by employee type. Detailed rollup
BX Report shows both the forecast and the requested budgets. It also show the prior year
actual and CY original budget. Great for management review meeting.
Recommended