Budget Projections

Budget Projections

Utilizing Banner Information

Grant Brown Bag Information SessionDecember 18, 2012

BUDGET PROJECTIONTOPIC COVERAGE

• Uses for budget projections• Responsibility for budget

projections• How to create a budget

projection file in Excel• How to find & export

information from Banner• How to project that data out

to the Fiscal Year End(s) 2

Budget Projections are useful!

Budget Projection Uses Primary Users Plan spend down of

remaining funds State required budget

projections◦ Mid year & Year End

Budget Modification tool

Aids in finding errors or omissions

Grant Director

Business Office; State of RI

Institutional Advancement, Controller’s Office, Grant Director, Funding Source

Grant Director, Controller’s Office, CCRI, Funding Source

The list of uses and users goes on extensively!3

Mid-Year Budget Projections

Due in Mid-January – here’s why we do them:CCRI is required to submit a mid-year review of its budget to the Office of Higher Education (OHE) for review and approval. Mid-year review is an update on all sources of funds, not just state funds and tuition and fees. Opportunity to identify changes occurring since the beginning of the year & identify problems that may exist that require action.Need to know how much you think you’ll spend

by the fiscal year end (June 30th)4

Who “Owns” the Budget Projection?The ultimate responsibility of

creating a budget projection lies with the Grant Director◦Although the Controller’s Office &

Institutional Advancement are happy to help, the grant director is the only person who can fully create a budget projection

◦Administrative personnel do not know the intricacies of the grant E.g. – staff departures, planned operational

spending 5

BUDGET PROJECTION CREATIONCreate the “Base” Projection file

◦Open Banner; Open FRIGITD; Input Fund#

◦Next block (this may take a while to load)

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◦Once data populates go to Help, select Extract Data No Key

◦ Hold Ctrl key!◦ This exports to

Excel

BUDGET PROJECTION ~ BASE FILE The exported file will need titles & formatting

◦ Add four lines at the top; Insert Grant Name & Fund #

◦ Add titles on columns listed below◦ Add two new columns: Projected Exps. & Projected

Balance

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Format columns D thru I with “comma style”

Adjust the column widths of columns B thru I

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BUDGET PROJECTION ~ BASE FILE

BUDGET PROJECTION ~ BASE FILE - continuedCreate a formula for the Projected Balance

◦ This is the Current Available Balance MINUS Projected Expenses

In the Proj. Bal. (column I), you type in:=G5-H5◦ Copy this formula down for all of the lines (drag right

corner)

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Enter a SUM formula at the bottom of all columns

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BUDGET PROJECTION ~ BASE FILE - continued

Use “AutoSum” in the top right corner of excel

Put cursor in cell below the column you want to sum. Click AutoSumCopy for all columns

Obtain Personnel Projection DataIn Banner, determine the last pay

period posted to Banner for biweekly & lecturers (monthly)◦In FRIGITD or FGIBDST, drill down the

Payroll lines & take note of the Payroll # in description

◦Click inside the Activity column for the payroll line

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Obtain Personnel Projection Data

…continuedWith the cursor inside the Activity column for the payroll line, go up to Options

Select Grant Detail Info if in FRIGITD

Select Transaction Detail Info if in FGIBDST

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The most recent payroll is usually on top. Below is BW24

BW Pay Period 24 was paid 11/23/2012

Obtain Personnel Projection DataBiweekly Employees

In Banner, go to NHIDIST & query the last paid payrolls posted in Banner (BW24 in example)◦ This screen shows payrolls by the date they

were paid. Go to HR site for date listing1

◦ Enter in the pay date of the last pay period posted in Banner, enter Fund #, then Next Block, Execute Query

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After the data populates, you can either query within the NHIDIST screen, or export to excel. To export, go to Help, then select Extract Data No Key (Hold Ctrl key!)

If exporting, then add titles as shown belowAFTER titles are added, adjust column widths

& then delete columns: Z, Q – T, I - L

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On the personnel data, sum the total for each account number◦ Can use the “Subtotal” function in excel for faster

results◦ Highlight the entire data field◦ On the Excel “Data” tab at the top, click “Subtotal”

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After clicking the Subtotal icon:

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Select: Acct; Sum;

Check: Dollars;

Uncheck: Replace current subtotals


Biweekly Personnel Data - After Subtotals

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Acct totals to use in projection column

Go into Banner, NHIDIST screen again, and look up the “monthly” employees

Enter a wide date range to ensure you are capturing all employees

Enter the grant’s Fund #, then click Next Block

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Obtain Personnel Projection DataMonthly Employees

In the lower section, scroll to the right and enter MN in the field to the right of Payroll Event

Click Execute Query

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Obtain Personnel Projection DataMonthly Employees

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Monthly Personnel Data

Shows monthly employees. Use this data to verify employee pay rates, calculate average hrs/mo. worked, & ensure all are included in projection.Can export info to excel – Help dropdown, Extract Data No Key (hold ctrl key)

Input Personnel Data in Projection

Biweekly ProjectionDetermine # of pay periods between the last payroll posted to Banner & 6/30 (or desired date)◦ Use HR Pay Schedule to count # of Pay Periods

between the last payroll per. posted to Banner & 6/30

= 16 Pay Periods (BW24 to BW14)In Budget Projection Base file, enter formula

for each biweekly account line based upon the Subtotaled Payroll file◦ For account 611040, the formula would be

=705.60*16◦ For account 612033, the formula would be

=3412.58*16 Do this for all biweekly account lines 21

Dollars per Pay PeriodTIMES# Pay

Per’s to June 30th

Determine # of REMAINING monthly payroll periods◦The # in the MN payroll is the month it is

paid. Monthly employees are paid the month AFTER they work, so MN11 is for October

◦Last monthly payroll was MN11 (October) – so 8 months to get to 6/30

The monthly employees formula will be somewhat different than for biweekly people

Determine the # hours each monthly employee will work (best to use average estimate), multiply by pay rate, then multiply by remaining months

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Input Personnel Data in ProjectionMonthly Projection

The # in MN

payroll is the

month it is paid

Monthly employee formula (do for each employee)

In our example, assume Natalie Wood works an average of 70 hrs/mo, her pay rate is $20/hr (8 mo’s left)◦ Formula will read =70*20*8 for Natalie

Van Morrison & Charlie Brown also work on that line, too, so we’ll have to include them in the formula, too◦ Assume Van works 60 hrs/mo @ $20/hr, ◦ Charlie 15 hr/mo @ 15.54/hr

Overall formula will read =70*20*8+60*20*8+15*15.54*823

Input Personnel Data in ProjectionMonthly Projection…continued

Avg hrs/mo X Hourly Pay Rate X # months to Year End

Most Monthly employees only have FICA as fringe on their pay (FICA Lecturer – 644020)◦ Create a formula based off the monthly

employee salary line(s). FICA is always 7.65%.

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In this case, the formula will be =H7*7.65%

With this method, FICA will update if you change the employee pay projection

FICA = 7.65%

Input Personnel Data in ProjectionMonthly Projection…continued

Incorporate Operating ExpensesThis part is for the Grant

Director!Go through the various Operating

Expense lines (i.e. Office Exp, Mileage) and put in your estimates of what you think you’ll spend by 6/30◦It can be helpful to jot down planned

trips, classes, etc. Enter the dollars you think you’ll spend in

the projected column – do not enter anything in the Indirect line yet!

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Indirect Cost ExpenseThis can be tough to calculate, so don’t

hesitate to ask for help on this one!The most accurate way to do this line is via

formula (sorry)◦ If done via formula, it will automatically update

as you make changesYour formula will be the sum of all expenses

applicable to indirect multiplied by your indirect rate (or indirect rate + audit)◦ See next slide for example formula details

If the formula is giving you trouble, then once you feel you have all expenses estimated, then multiply the total projected expenses by your indirect rate

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Help!

Indirect Rate formula

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If the Indirect Cost line isn’t the last line, then cut & paste to be the last line – you will probably need to fix your totals at the bottom

Assuming an 8% rate applied to all expenses, the formula will read:

=SUM(H5:H31)*8%

Indirect = Cost Base

XIndirect

Rate

Let the Budget Games Begin!After incorporating all necessary

expenditures, take a look at your Projected Balance column◦If there are negatives, you’ll need to

create a budget modification to cover those negatives

You may notice that you have more money to spend!

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Adjust dollars where necessary & ensure you have enough for the full grant term

Summary of Projection StepsExport current budget detail from FRIGITD to excel to create projection base file◦Add titles to columns & create Projection columns

Determine last pay period # posted to Banner – calculate # pay periods to year end

Export most recently paid biweekly payroll◦Subtotal the expenses by account number

Determine monthly employee’s rates & average hours

Input payroll formulas into projected columnInput projected operating expenses to year

endInput Indirect Rate formula (if applicable)Adjust lines as necessary

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Questions & Comments

Thank you

for attending!

References1HR Pay schedules can be found at:

http://www.ccri.edu/hr/calendars/Banner Screens:

◦FRIGITD – Grant Inception to Date (shows multi-year)

◦FGIBDST – Organization Budget Status (shows current CCRI fiscal yr only)

◦NHIDIST – Labor Distribution Query (shows labor for specified pay ranges)

Excel Resources:◦Ask IT – they hold great training sessions◦“Lynda” has online video modules - go to:https://webfor.ccri.edu/lynda/index.cfm◦URI Prov. Feinstein 1-day course (Prof.

Development)31

http://www.ccri.edu/hr/calendars/

https://webfor.ccri.edu/lynda/index.cfm

Documents

Budget Projections