FY 2019 UNIVERSITY BUDGET CALENDAR

Transcription

1 FY 2019 UNIVERSITY BUDGET CALENDAR

2 FY2019 UNIVERSITY BUDGET CALENDAR PLANNING: July, 2017 Office of Budget Management distributes the following to all Vice Presidents, Provost Office, and Business Representatives to initiate the FY2019 budget development process: o University Budget Calendar o Capital Budget Calendar o FY2019 I Strategy Budget Reports (i.e. organization level budget vs. actual spreadsheets) are refreshed and available in the budget divisional folders o Instructions for development of Annual Budget Plan o Opportunitas: Embracing the Future Pace University Strategic Plan July, 2017 Distribution of Operations committee Strategic Priorities listing to be used in development of the FY2019 budget August 4, 2017 through September 8, 2017 Budget Steering Committee meets to set the budget committee meeting schedule (see page 8 for draft schedule), review and update budget committee and sub-committee charters and membership, and prepare the agenda for the first Budget Committee meeting in September. Budget Committee first meets in early September to set the agendas for sub-committee meetings. Budget Committee and the following sub-committees meet periodically to develop proposals to the Operations Committee of key fiscal parameters: o Tuition & Pricing Tuition, fee rates and institutional aid discount rates o Compensation Total university merit pool and discuss any employee benefit changes o Auxiliaries Room and board rates o Operating Budget Liaison To review and advise on strategic initiatives and continued funding of ongoing activities o Capital - To review proposals submitted as capital requests 2

3 KEY DATES: June 5, 2017 Finance Committee Finance Committee approves FY2018 Budget June 28, 2017 Operations committee sets strategic priorities for the FY19 Budget development process. End of June, 2017 BOT Meeting BOT approves FY2018 Budget September, 2017 Budget Committee submits their recommendation for FY2019 Tuition rates and discounts September 12, 2017 Finance Committee Meeting Finance Committee approves the FY2019 tuition rate structure and institutional aid discount rate. September 27, 2017 BOT Meeting Board of Trustees approves the FY2019 tuition rate structure and institutional aid discount rate. October 9, 2017 Fall Forecast deliverables due into Office of Budget Management. November 29, 2017 Finance Committee Meeting Presentation of the FY18 Fall Forecast December, 2017 VP for Enrollment and Deans develop and reach consensus on all FY2019 enrollment projections, including Undergraduate, Graduate, Law, and Special/Contract Programs. December 6, 2017 BOT Meeting Presentation of the FY18 Fall Forecast 3

4 January / February 2018 The President, CFO, and Provost review and approve the FY2019 Capital Budget. Budget Pressure approval meeting with the President, Provost and CFO. February, 2018 Finance Committee Meeting Presentation of the University Capital Budget to the Finance Committee for approval. March 7, 2018 BOT Meeting Presentation of the University Capital Budget to the Board of Trustees. Board of Trustees approves the FY2019 proposed Capital Budget. March 19, 2018 through March 23, 2018 The Office of Administration provides the final health benefits budget to the Office of Budget Management. Enrollment Management provides final enrollment model to Office of Budget Management. April, 2018 The Office of Budget Management presents the draft FY2019 University Budget to the Operations Committee for review and approval. April, 2018 Presentation of final FY2019 University Budget to the Finance Committee. Finance Committee approves the FY2019 University Budget and recommends it to the BOT. Spring 2016 Forecast- FY2018 presented to the Finance Committee. May 2, 2018 Presentation of final FY2019 University Budget to the Board of Trustees. The Board of Trustees approves the FY2019 University Budget. Spring 2016 Forecast- FY2018 presented to the Board of Trustees. Fall 2018 The President meets with the Provost, and CFO/ to review and preliminarily approve FY2019 Strategic Initiatives based on Fall enrollment outcomes. 4

5 FY 2019 UNIVERSITY BUDGET DEVELOPMENT DELIVERABLES: The following data must be submitted to the Office of Budget Management by the following dates August 4, 2017 through October 27, 2017 Provost Office: o Summary of New faculty line requests report o A consolidated list of approved new program pro-formas o Capital Strategic initiatives ( see Strategic Initiatives section on page 7) o A detailed listing of any extraordinary items that may be need to be included in the FY2019 budget Finance and Administration and President s Office: o A detailed listing of any extraordinary items that may be need to be included in the FY2019 budget October 30, 2017 through December 1, 2017 Office of the Provost develops list of all academic budget pressures and the following schedules: o Auxiliaries revenue & expense budget, including estimates based on enrollment and room rate projections (Coordinated with offices of Administration and Finance) o Graduate assistantship and resident assistant tuition remission budgets (coordinated with the Office of Administration) o Adjunct budget increases projection based on enrollment projections o An updated consolidated list of all previously approved pro-formas with new funding requirements. This analysis should include: FY2017 and FY2018 ( as applicable) approved pro-forma results (using review template) Expense increases/ decreases due to enrollment differences from previously submitted pro-formas o All contractual increases, including but not limited to ITS hardware and software o CWS budgets o Technology fee budget o Overage budget o Special programs adjustments using the special program template o Reconciliation of the vacant faculty fund o FY2019 faculty retirements 5

6 Office of Finance and Administration develops a list of their budget pressures, including: o Preliminary benefits budget (coordinated with the Office of the Provost, where applicable), including impact of planned raises, changes due to budget pressures from all areas, tuition remission, grad assistantships, and RA allowances. o Preliminary recommendation for FY2019 benefits chargeback rates o Preliminary utilities & plant budget, including but not limited to utilities, cleaning, security, common charges, and fuels o All other contractual increases, all known and forecasted operating budget increases related to approved capital projects o Pre-approved pro-formas o Depreciation o Post-retirement benefits o Interest income and expense o State appropriations o FIN47 o Insurance o Contributions (coordinated with Development) o Net assets released, including auto release and scholarship committee estimates o Student allowances and credit card fees budget Office of the President develops a list of their budget pressures, including: o All contractual increases Law School develops a list of their budget pressures and their: o FY2019 Preliminary Enrollment projections o FY2019 Preliminary Financial aid projection 6

7 FY 2019 OPERATING STRATEGIC PRIORITIES AND CAPITAL STRATEGIC INITIATIVES PROCESS: Please Note: The Capital and Operating Strategic Initiatives process now have 2 different due dates please see below for the revised schedule. August 21, 2017 through October 13, 2017 All business representatives develop Capital business cases for FY2019 capital strategic initiatives and to support their plans for the University strategic priorities for submission to their Dean or VP. All business cases projected to require a capital expenditure or additional office/classroom space must be reviewed by Finance to determine if it meets the standards for capitalization and reviewed by Facilities to evaluate the capital expenditure estimate and space requirement needs. October 16, 2017 through October 27, 2017 All Deans and VPs review revise and prioritize Capital business cases of their School or Department and submit to the President, Provost, and CFO for review. The President, Provost, CFO and VP for Facilities & Capital Projects review, revise, and approve the Capital strategic initiatives submissions for their area. Late January 2018: The President meets with the Provost, CFO, and VP for Facilities and Capital Projects to review and approve the FY19 Capital Allocation Recommendations. January 15, 2018 through March 23, 2018 All business representatives develop Operating business cases for FY2019 to support their plans for the University strategic priorities. The President, Provost and CFO review, revise and approve the strategic initiatives submissions for their area. Fall 2018 The President meets with the Provost, and CFO to review and preliminarily approve strategic initiatives. 7

8 REALLOCATIONS PROCESS: January 5, 2018 through January 12, 2018 Raises are loaded by Human Resources and the Payroll office into Banner and departmental salary and benefits budgets are modified by the Office of Budget Management. The first payroll of the 2018 calendar year is processed by January 15, January 15, 2018 through January 29, 2018 The Office of Budget Management creates the departmental Annual Budget Plans, inclusive of the following: o Permanent base budget as of February 1, 2018 inclusive of all FY2018 salary changes o Tuition revenue changes input as centrally processed changes o Budget pressures input in its own column designated for budget pressures o Approved budget committee recommendations input as centrally processed changes The Office of Budget Management distributes the Annual Budget Plans to the Deans, VPs and Budget Representatives. February 9, 2018 through March 2, 2018 The VPs, Deans and Budget Representatives process all budget reallocations - All reallocations must net to 0. The offices of Finance and Administration, the President and the Provost provide their final updates to their budget pressures to the Office of Budget Management based upon any new data (excludes health benefits which will be updated once rates are set in April). The President, Provost, and CFO meet with their direct reports to review, revise and approve their Annual Budget Plans. The Deans and VPs submit their Annual Budget Plans to the Office of Budget Management for consolidation. The Annual Budget Plan should be accompanied by a signed approvals form indicating that the area Dean or VP is acknowledging and approving the submission of the FY2019 budget. March 5, 2018 All budget development reports are locked and no further changes to the FY2019 budget can be made. No more permanent budget changes can be made in FY2018, temporary budget changes will continue to be processed but permanent changes will be halted till after the July reconciliation period. 8

9 FY 2018 BUDGET UPLOAD AND REPORTING: June 2018 The Office of Budget Management uploads the approved University Budget into Banner. July 2018 Final FY2019 budget reconciliation, no temp or perm transfers will be done during this reconciliation period. The Office of Budget Management sends notices to all Deans, VPs and Budget Representatives advising that the FY2019 is available through I Strategy and Reportal for review. The Deans, VPs and Budget Representatives review budget and advise the Office of Budget Management of any adjustments or corrections that might be needed. January 2019 The Office of Budget Management prepares and distributes FY2019 Quarterly Budget vs. Actual Report to each VP, Dean, AVP of Academic Finance, Director of Administrative Budgets and each Budget Representative. The Budget Office conducts review meetings with each School Dean. Based on the review of the budget vs. actual data, the University Budget is reforecast and adjusted in Banner. BUDGET COMMITTEE CALANDER Thursday, September 28, 3pm-5pm Thursday, October 5, 3pm-5pm Thursday, November 16, 3pm-5pm Thursday, December 7, 3pm-5pm Thursday, January 25, pm Thursday, February 15, 3pm-5pm Wednesday, March 14, 3pm-5pm Tuesday, April 10, 3pm-5pm Tuesday, May 8, 3pm-5pm 9

10 FY2018 FORECAST TIMELINE: August 25, 2017 Report into Budget Office any material changes to the FY2018 Budget for inclusion in the early September forecast. October 10, 2017 Fall Forecast- March 10, 2018 Spring Forecast All divisions to submit their quarterly reports to their executive area Budget Representative for submission to the Budget Office Office of the Provost submits: o Auxiliaries revenue & expense Forecast o Adjunct Forecast o Overage Forecast o Special Programs Forecast o Updates to faculty hires for Spring semester Office of Finance and Administration submits : o Benefits Forecast o Utilities & plant Forecast o Depreciation o Post-retirement benefits o Interest income and expense o State appropriations o FIN47 o Insurance o Contributions (coordinated with Development) o Net assets released, including auto release and scholarship committee estimates o Student allowances and credit card fees budget o All contractual increases o Depreciation o Post-retirement benefits o Interest income and expense o State appropriations o FIN47 o Insurance o Contributions (coordinated with Development) 10

11 o Net assets released, including auto release, scholarship committee estimates and longlived assets o Student allowances and credit card fees budget Law School: o Update to the Enrollment projections o Update to the Financial aid projection BUDGET REPRENSATIVES MEETING CALANDER Friday, September 15, 10pm-12pm Friday, December 15, 10pm-12pm Friday, March 16, 10pm-12pm 11