Florida International University Budget Concepts & On-Line Tool Training. February 25 28, 2014

Transcription

1 Florida International University Budget Concepts & On-Line Tool Training February 25 28,

2 Workshop Objectives Budget Assumptions Budget Development Important Concepts Forecast Versus Requested Budget Practical Applications Tools & Resources 2

3 Important Concepts 1) Assumptions 2) Data Entry 3) Review 3

4 BUDGET ASSUMPTIONS Enrollment 32,000 FTE 29,517 FTE 29,963 FTE 30,863 FTE 31, ,918 3, ,193 3,192 24,000 16,000 Professional 23,921 24,101 25,154 25,555 Graduate Undergraduate 8,000 - FY Actuals FY Budget FY Forecast FY Preliminary Budget 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 4

5 BUDGET ASSUMPTIONS Expenses E&G Control Totals Will be based on FY final budget adjusted for: Recurring and nonrecurring legislative actions Changes in fringe benefit rate Recurring salary adjustments Salaries 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 Other Direct Expenses Interdepartmental Rates - refer to the OFP website for the various rates Property Insurance rates will be provided by Auxiliary & Enterprise Development 5

6 A NEW ERA ACCOUNTABILITY AND PERFORMANCE! 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 6

7 Important Concepts 1) Assumptions 2) Data Entry 3) Review 7

8 Important Concepts Detail Budget Maintenance = DBM Control Total = Budget Author/Max Forecast = Current Year (CY) Budget = Next Year (NY) Budget Manual & Other Resource available on OFP Website 8

9 FORECAST AND BUDGET PROCESS Timeline DBM is open Actuals Periods 1-7 & Positions data uploaded into DBM ACTUALS 1-8 Position data refreshed (based on March 3 rd. pay period) CFO / Unit Budget Reviews start Feb.24 Mar.3 Mar.11 Mar.28 Apr.21 Apr.25 Position Tool load from HR FCST DUE FY FCST due in DBM to OFP. BUDGET DUE FY BUD due in DBM to OFP

10 Data Entry Stage Required Actions Monthly budgeting of line items by Activity Number by account Forecast FY 2014 Requested Budget FY 2015 July 1, 2013 February 28, 2014 March 1, June 30, 2014 July 1, June 30, 2015 Salaries Actuals prepopulated 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 prepopulated 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 10

11 Data Entry Stage Financial Aid 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

12 General Notes 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 12

13 General Notes 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 13

14 Important Concepts 1) Assumptions 2) Data Entry 3) Review 14

15 Resources OFP Website - Comprehensive Budget Manual On-Demand Videos Rate Guide Timeline Open Labs BBC in HL-124 March 5, am 12pm MMC in W6-106A March 14, 2014 from 9am 12pm April 11, 2014 from 9am 12pm 15

16 Questions & Answers 16

17 Case Study 17

18 Case Study 18

19 MENTAL MAP WHAT IT ALL MEANS Brad s Last Day = Next Week Is that before June = Yes ACTION ITEMS FORECAST Run FC & Update end date The worksheet should calculate SYSTEM DATA FORECAST Enter lump sum from FC in DBM ACTUAL ledger. Change in Responsibility = HR Update BUDGET the new salary & fringe totals. If this is the only update, the salary and fringe will decrease. To be filled Next Year (NY)= Position Tool Updates Update Employee Type Comp Rate Complete HR Process to change the position to Admin Verify that you have the new comp rate. Rerun FC and review BUDGET Position Tool: Find the position and edit the employee type and comp rate Run R2 and review 19

20 Review Stage Report Options 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. 20