Objectives Components and Benefits of Budgeting Planning as a Team & Communication Budget Development Process Priority Pools Process Timeline BudgetPak Software
Components and Benefits of Budgeting Compensation Budgeting Forecasting Capital Operating Communicate Results with Team Performance Measurements
Planning as a Team Open communication among all participants avoids duplicated effort and enables planning for all necessary requirements.
Budget Development Process Overview Information and projection requests o o Enrollment with attrition Patient care center revenue Expenditures must be carefully examined for anticipated needs. o o Cost savings efforts Reallocation of funds. The college and/or department must include: o o Rationale Justification
Budget Resource Allocation University Wide Priority Pools 1. Program Review Action Plans 2. Current Academic and Operational Enhancements 3. Strategic and Operational Initiatives 4. Contractual and Committed Obligations 5. Capital Project/Equipment Replacement/Deferred Maintenance Funds 6. Salary and Fringe Benefits
Process Cycle at a Glance
BUDGET DEVELOPMENT AND FINANCIAL PLANNING PROCESS FOR THE FISCAL YEAR 2017/2018
December-January February-March March BUDGET DEVELOPMENT AND FINANCIAL PLANNING PROCESS FOR THE FISCAL YEAR 2017/2018 Launch & Gather Information Target Date December December January Joint Meeting - meet with Deans/Operations Group. Present priorities and plans. Discuss potential collaborative efforts and common priorities. Include Strategic Planning Initiative Steering Committee (SPISC), and Capital Projects Committee members to discuss status of the 2017/2018 fiscal budget planning process based upon Strategic, Infrastructural, and Operational Condition and Plans. Discuss concerns, specific Strategic Plan Initiatives, significant issues, Capital Planning and priorities. Emphasize transparency and collaboration. Submit all budgetary priority requests and information, etc. to the Senior Management Team categorized by Priority Pool. Meet with Academic Senate and SGA Officers to discuss 2017/2018 Budget Development Process. Discuss priorities and various components of cost centers and related tuition adjustments. Discuss concerns, significant issues, and priorities. Emphasize transparency. GG/KS/TF/KJ KJ DW/KS Review & Consolidate Target Date February February Senior Management Team to review and determine specific proposed budget funding for priority pools to Office of Budget Management, Planning and Analysis. Including possible transfer of funds among identified priority pools. Meet with Board Strategic Planning Committee. Discuss 2017/2018 University wide Strategic Plan and its linkage to the proposed budget. February Meet with Board Business, Finance and Investment Committee. Discuss 2017/2018 proposed budget. KS GG/KS/TF/KJ DW/KS M arch Status meeting with President. DW/KS March Kevin Shaw, Katherine Jimenez and Office of Budget Management, Planning, and Analysis to complete final proposed budget package to be distributed to the Board of Trustees. KS/KJ/BM PA Finalize March Board of Trustees to approve 2017/2018 Budget. BOT
BUDGET DEVELOPMENT AND FINANCIAL PLANNING PROCESS 2016/2017 Budget FOR THE Process FISCAL YEAR 2017/2018 Timeline March-June Allocate and Implement Target Completion March Begin sessions to review, process and determine specific funding from budget priority pools for GG/KS/TF allocation to Colleges and Departments. Including possible transfer of funds among identified priority March pools. Meeting to discuss proposed budget allocations with President. DW/KS March Distribute approved 2017/2018 budgetary information to Deans, Academic Senate, SGA Officers, KS Operations Group, and Budgetary Supervisors. March Begin Budget Phase II, the allocation information sessions. KJ/RG March March Budget Phase II Allocation Sessions & Information Materials available in both BudgetPak and the W Drive for access by Deans/Directors and Authorized Budget Coordinators. Budget Development BudgetPak software available for re-allocation of operating, and capital funds. Deans to coordinate the completion of Faculty Contracts due in April to Academic Affairs. Action Forms due in PeopleAdmin based upon instructions from the Office of Human Resources. March Salary worksheets available in the W Drive: Budget folder for allocation of salary pool funds. KJ/RG KJ/RG KJ/RG/OHR April Deans and Department Supervisors to submit completed Budget Worksheet Packages (BudgetPak BMPA Operating, Capital, and W Drive Salary Worksheets) to the Budget Management, Planning and Analysis Office. April Submit Faculty Contracts (without faculty signature) to Academic Affairs. Faculty Contracts to GG Provost Office for review and approval signature. May Salary worksheet summary reports generated for review and verification. KJ May Submission of final Salary/Wage Worksheets to Senior Management Team for review and approval. GG/KS/TF May Approved Faculty Contracts to Deans for faculty signatures, or to Department Supervisors, if changes GG to Faculty Contracts, employee salary/wage or operating allocation levels are necessary. May Deans and Department Supervisors to submit revised Faculty Contracts to Provost for review and GG processing. May Status meeting with President. DW/KS May Executive/Executive Compensation Committee and BOT to approve Officer and Highly Compensated GG/KS/TF May Employees Executive Management adjusted salary Team levels. to distribute any revised Faculty Contracts to OHR and employee salary GG/KS/TF May worksheets Office of Human to Katherine Resources Jimenez to provide for processing. Banner generated Personal Action Forms (PAF) for each KJ employee to the Office of Budget Management Planning and Analysis for review. June Deans/Department Supervisors to submit final signed faculty contracts to OHR. OHR June Submit final approved PAFs to Office of Human Resources. KJ June Office of Human Resources to distribute Banner generated employee letters. OHR Deans and Department Supervisors are not to discuss Salary/ Wage Levels with Employees prior to this date. June Office of Human Resources to complete input of adjusted or holds on employee compensation into OHR Banner H/R module. Relay all data and changes to Payroll and Budget Office for review and processing. June Finalize upload of approved budget amounts into Banner. KJ June Final date for any revisions to salary/wage levels to Office of Human Resources with the new information that will be reflected in the July 14, 2017 payroll. OHR
Communicating Top Three Priorities - Keeping Things Simple Pre-Plan (August September) Communication of Process (October November) Communicate Narrative & Financial Request * Conceptual Form & Timing * Funding Needs for Top Three Priorities Deadline: November 22, 2016
Priority Pools
Budget Development Tools Budget Website http://www.westernu.edu/budget/budgeting-tools/ Time and Responsibility Schedule, Authorization Form, and Priority Pool List in BudgetPak Software and W Drive For the W Drive go to W:\Budget Office and click on the department folder. BudgetPak Software (training required for software access) To register for training go to CAPE Workshops via https://intranet.westernu.edu/. September 20 th Session 1 (Reporting Training): 9:00 am - 11:00 am Session 2 (Budget Development Phase I Training): 2:00 pm - 4:00 pm September 21 ST Session 1 (Reporting Training): 9:00 am - 11:00 am Session 2 (Budget Development Phase I Training): 2:00 pm - 4:00 pm Coming Soon BudgetPak Software Forecasting
BudgetPak will lead the shift in budgeting for organizational strategy. BudgetPak provides consolidation and reporting functionality allowing more time for analysis.
What is BudgetPak? XLerant s BudgetPak is a cloud based software. BudgetPak is a budgeting tool that provides reporting and budget planning capabilities. BudgetPak is trustworthy and has a high satisfaction rate among its extensive Higher Ed customer base. BudgetPak is an intuitive designed product that is designed to build a culture of: Budget accountability, ownership, and participation. Improved financial controls. Communication process.
BudgetPak Customers Some of BudgetPak Customers range from community colleges to large schools: Southern California University of Health Sciences Drew University Santa Clara University Lake Superior State University College of New Jersey Tufts Western Governors University Claremont Graduate University Gannon University Marietta College Touro College Fisher College Bunker Hill Community College The Rhode Island School of Design
What goes into BudgetPak? Historical Data Top Three Priority Pool Requests Budget Plan Linked to Strategic Planning
What are some BudgetPak Features?
BudgetPak Requirements Being a cloud based software, BudgetPak is automatically updated and upgraded to the most current specifications. Like many reporting software, BudgetPak works off an information screen shot for a specific period of time. The following BudgetPak data will be updated every business day: Current Fiscal Year Adjusted Budget Current Fiscal Year Actuals
Main Menu
Reports Menu One Click Canned Reporting Advanced Reporting
One Click Canned Reporting Examples
Advanced Reporting Examples
Navigation Screen
ActionPaks
Adding and Viewing Notes/Files
Information Completed Complete, rollup, sign off, and approve all budgets for your college/department in BudgetPak Software. After November 22, 2016 all budgets will be locked for editing and no changes will be accepted.
Office of Budget Management Planning & Analysis Support For additional assistance please contact the Office of Budget Management Planning and Analysis.
Questions??? Thank you!!!