Budget Submission Calendar

Transcription

1 How to Submit the Budget University of Virginia Submissions, with prior vice presidential approval, must be received by the close of business on the dates listed. Each vice president, dean and department head will establish an earlier deadline to submit budgets to their offices. The UVA Budget Developer responsibility will terminate at midnight on March 31, Budget Submission Calendar Date Items Due 12/12/05 Tuition Increase Requests are due for the Executive Masters Degree Programs in the McIntire School and the School of Engineering and Applied Sciences. 12/12/05 Mountain Lake housing and board Fee Increase Requests are due. 01/20/06 Application, Activity and Other Fees Increase Requests are due. 02/02/06 Mandatory Fee Increase Requests are due. 02/02/06 GTA FTE count for SG awards are due. 02/02/06 Full Budget Submissions are due for the following: Athletics and Intramurals Parking and Transportation Student Programming Conference Services Student Health Student Safe Ride Dining Services Student Housing WTJU Newcomb Hall Student Orientation 02/16/06 Full Budget Submissions are due for the following: Business Operations Faculty/Staff Housing Cavalier Advantage Mail Services Child Development Center Printing Services 02/23/06 Full Budget Submissions are due for the Bookstore and Cavalier Computers. 02/24/06 Full Budget Submissions are due for the School of Continuing and Professional Studies and the International Studies Office. 02/24/06 Tuition Increase Requests are due for the Law School and the Darden School. 02/24/06 Planned Expenditures from Selected Fund Sources due for Academic Division. 03/15/06 GL and GM Budget Detail, Summary Narrative and Summary Spreadsheet due for Wise. 03/22/06 GL Budget Detail must be entered into the Integrated System for Academic Division. 03/31/06 All remaining budget submissions are due for Academic Division units. 03/31/06 Summary Narrative and Summary Spreadsheet due for Medical Center. 03/31/06 Budget Addenda Request, prioritized, due from VPs. 05/02/06 Carryforward Requests due.

2 Page 2 of 8 The Budget Submission includes the following components, which will be described later in this document: 1. Tuition or Fee Increase Requests 2. Budget Submission Narrative and Checklist 3. State and Local Budget Detail 4. Planned Expenditures from Selected Fund Sources 5. Reserve Projections 6. Budget Addenda State and local revenue and expenditure budgets must be entered on Integrated System (IS) Budget Forms. The UVA Budget Developer responsibility is required for those who will be entering this data. Individuals who need this responsibility and were previously trained must still attend the UVA Budget Developer training class. Individuals who need this responsibility and were not trained in this responsibility in January 2005 must complete an Integrated System Access Form and submit the form to the Department of Training, in addition to attending the UVA Budget Developer training class. Individuals should request the UVA Budget Developer responsibility in the Miscellaneous section of the Access form. Training classes for Auxiliary units will be held in December 2005; training for all other units will be held in January In addition to reviewing the IS Budget Forms, the trainer will also review this document and address any questions on the budget process. All standard forms and templates are available on the Budget Office web site. Submissions must be sent electronically to budget@virginia.edu.

3 Page 3 of 8 Tuition or Fee Increase Request Tuition or Fee Increase Request (Attachment 1) This form must be completed to request an increase in tuition, fees, and rates. Before any increase can be evaluated or approved the related operating budgets must be submitted for review. If the increase will fund debt service, an amortization schedule is required before approval. Units should assume the following for fee-paying students in budgeting fee revenue. Full-time fee 16,800 Part-time fee 1,300 Special Session fee fall session 100 Special Session fee spring session 100 Special Session fee summer session 4,000 Budget Submission Narrative and Checklist Budget Submission Narrative Form (Attachment 2) Each unit will be required to provide a written Budget Submission Narrative that will provide background to the financial data submitted. It will tie together the various required elements and is required for all submissions. At the end of the narrative is a checklist of the components of a complete budget submission. State and Local Budget Detail All state general (SG), local general (LG), state sales and services (SS), state auxiliary (SA), local auxiliary (LA), state restricted (SR), local chair (LC) and centrally managed gifts, endowment income and F&A (DI, EI and FI) award budgets will be entered into the Integrated System (IS) Budget Forms by users with the UVA Budget Developer responsibility. Local sales and services (LS) and local other (LO) award budgets may be entered into the IS Budget Forms by users with the UVA Budget Developer responsibility. If the LS and LO award budgets are not entered in these forms, they must be included in the Planned Expenditures from Selected Fund Sources. The IS.BU_Target Development Report will be available to UVA Budget Developers by no later than mid-january We will all UVA Budget Developers when this report is available. The Target Development Report will include SG, LG, SR, LC, DI, EI and FI awards. Beginning with the approved July 1, 2005 budget, the report shows each permanent installment modification approved to date, as well as any target adjustments. The result is the target budget for the major budget unit. Vice presidents have the authority to re-distribute target budgets between their units. The total budgets and employee full-time equivalents (FTEs) entered into the IS Budget Forms for these award types may not exceed the respective targets provided for each unit. The one exception is that LC awards should be budgeted with an OTPS budget of $2,000 per chair project to be filled in

4 Page 4 of 8 For SS, SA, LA, LS, and LO awards, total projected expenditures and transfers, net of recoveries and revenues, must not result in a cash deficit at June 30, Any surplus should be addressed in the Budget Submission Narrative. Units should run a report of their 2006 GL budgets to ensure projects requiring revenue budgets are not omitted from their GL budget detail submission. Institutional Expenditure Assumptions Salary Increases - All targeted awards should budget faculty, classified and GTA salaries at the current level. Based on release of the Governor s Budget Bill, the Budget Office recommends for non-targeted awards a 3% increase for classified, A&P faculty, GTA and part-time T&R faculty, and a 4% increase for full-time T&R faculty. Faculty Salary Policy - A final faculty salary policy will be distributed in July Joint faculty appointments must be coordinated with other areas in order that funds will be available. The dean who determines the predominant portion of a faculty member's salary is responsible for ensuring that this coordination takes place. Vacancies - Funding for vacancies must be provided from existing funds. Wages - Funding for any wage increases in targeted and non-targeted awards must be provided from existing budgets. Fringe Benefit Changes - The Budget Office expects to modify state and local general targets by no later than mid-february 2006 for expected FY06-07 fringe benefit rates. We will all UVA Budget Developers when targets are adjusted for this. Until that time, targeted state and local general awards should use the existing rates (below) in budgeting fringe benefits. Non-targeted awards should anticipate increases in the fringe benefit rates and use the projected rates as outlined below. Please note that new fringe benefit rates become effective on July 1 each year, so the payroll posted in July for the prior June is encumbered at the old rates. Targeted Current Non-Targeted Projected Full-time Faculty 27.3% 28.3% Full-time Classified 35.1% 36.8% Part-time Faculty and Classified with benefits 8.5% 14.0% Part-time Faculty and Classified without benefits 4.2% 4.5% Wages 4.2% 4.5%

5 Page 5 of 8 Eminent Scholar Fringes - The state reimbursed Eminent Scholar chair fringe benefit rate is 10%. All chair awards and eminent scholar match awards will be charged the full-time faculty fringe rate (27.3%). Each unit has received a fringe allocation to cover the shortfall (17.3%) on the state match portion. The chairs will cover the full fringe cost (27.3%) on their half of the match and on salary amounts charged directly to the chair. GTA FTEs Units with Graduate Teaching Assistant (GTA) FTEs budgeted in SG awards MUST submit a count to the Budget Office (via the Vice President and Provost) by February 2, 2006 on the GTA Count for SG Awards Form provided (Attachment 3). The allocation of GTA remission (in-state tuition and fees) is based on the number of GTA FTEs budgeted in SG awards. GTAs may be converted to or from faculty FTEs with vice presidential approval. The conversion factor is $58,200 in GTA salary equals one faculty FTE. Inflationary Increases - SG and LG awards will not receive an increase to their OTPS budgets for inflation. Non-targeted units should assume a Consumer Price Index rate of 3.0 percent. Other Than Personal Services Increases - Accounts charged directly for utilities and insurance should set budgets based on the rates released by Voice Communications, Facilities Management, and Risk Management available on the Budget Office web site. For auxiliary units, the general and administrative cost allocations will be distributed in November and should be incorporated into the budgeted expenditures.

6 Page 6 of 8 Planned Expenditures from Selected Fund Sources The budget presented to the Board of Visitors for review and approval must include all fund sources. For resources not budgeted in detail (sponsored grants and contracts, indirect cost recoveries, gifts, and endowment income), we require an estimate of such activity for the current and subsequent fiscal years on the Planned Expenditures from Selected Fund Sources (Attachment 4). These budgets should not be entered into the IS Budget Forms. The Discoverer report IS.BU_Selected Financial Data allows the user to obtain actual data for selected fund sources for the latest full fiscal year for which data is available, and also to obtain year-to-date actual activity in the current fiscal year. This information, along with any other information at hand about available resources for the next fiscal year, should be used in estimating activity for the next fiscal year and for revising activity for the current fiscal year. Estimated activity for Local Sales and Service and Local-Other is required IF those award types (LS and LO) are NOT budgeted in detail using the Integrated System GL and GM Budget Developer Forms. Units are to provide a revised estimate for the selected fund sources for the current fiscal year. Original budgets can be found at See page 57 within this file for a table of contents by major budget unit. Detailed instructions for using the Discoverer report and completing the Planned Expenditures from Selected Fund Sources form can be found at Planned Expenditures from Selected Fund Sources instructions Other helpful sources of information concerning available funds includes Financial Administration s F&A Distribution Allocations Report and Investment and Tax Services Class A and Class B distribution rates and report of expected distributions. All Planned Expenditures from Selected Fund Sources will be due to the Budget Office on February 24, 2006.

7 Page 7 of 8 Other Auxiliary Reserve Projection (Attachment 5a) Each auxiliary must provide (1) a detailed projected renovation and replacement and expansion reserve budget for and (2) a summary level budget detailing planned expenditures and reserve balances for the subsequent ten years. The Auxiliary Reserve Projection templates should be used to develop these reports. E&G NGF Reserve Projection (Attachment 5b) Each academic unit with an established E&G NGF reserve must provide a detailed and summary level renovation and replacement reserve budget detailing planned expenditures and reserve balances for the subsequent ten years. The E&G NGF Reserve Projection templates should be used to develop these reports. Budget Addenda Request (Attachment 6a and 6b) Use the Budget Addenda Request form to submit addenda proposals. All funding requests including financial aid, new faculty, research proposals, new programs, base budget requests need to be prioritized by each school or department to facilitate review by your vice president. Prioritized lists are due from each vice president on March 31, We are inviting proposals that would be appropriately funded from technology fee revenues or equipment trust fund. Proposals for the Student Technology Fee Fund should be small in nature ($10,000 - $50,000), of a direct benefit to students, and for one-time funds. Proposals for the Equipment Trust Fund should meet the restrictions of the program, available at Carryforward Request (Attachment 7) for all SG, SS, LG, and LC awards. Complete and submit the carryforward request form by May 2, An accurate projection of the budget balances expected at year-end is imperative to manage the overall cash position of the University. Interest Yield Worksheet (Attachment 8) For your convenience, this worksheet is offered as a tool in calculating estimated interest earnings, if applicable to your activity. Index of Attachments 1 Tuition or Fee Increase Request 2 Budget Submission Narrative 3 GTA FTEs 4 Planned Expenditures from Selected Fund Sources 5a Auxiliary Reserve Projection 5b E&G NGF Reserve Projection 6 Budget Addenda

8 Page 8 of 8 7 Carryforward Request 8 Interest Yield Worksheet