THIS INFORMATION IS FOR INTERNAL USE ONLY. PLEASE CONTACT THE APPROPRIATE OFFICE FOR GENERAL SUPPORT.

Budget and Forecast

Budget

The University's budget office requires each department to submit their account budget for any OPR, RES, TRN, SPC, OSA and END SpeedTypes they might have for the following year. This process not only holds departments accountable to keep expenditures reasonable, but to have a guideline for responsible spending. These guidelines allow Finance Managers to look for extreme variances to help departments make better decisions about their spending.

The Budget Process
  1. The Finance Department will prepare a budget template for each department to show the OPR and related budgets based on the university's budget guideline.
  2. Each SpeedType is given an Excel sheet to fill out the following line item groups:
    • Salary Expenses
    • Non-salary Expenses
    • Income
    • Endowment usage
    • Grant income and expenses
  3. After the sheet is filled out, the Finance Department will enter the budget(s) into the PeopleSoft Budget Module.
  4. These numbers will be reflected in the July Launchpad and Reconciliation reports.

Forecast

Each department per the request of the University budget office is required to do a quarterly forecast three times a year. The forecast is a combination of combining actual data from past months within the financial year to projecting the remaining month's expenditures.

Why Forecasts?

Forecasts are an opportunity for directors to get out in front of expenses that they believe will hit their SpeedType. It's best policy to project a loss (overexpenditures) earlier in the year than be over budget at the end of the year. Each forecast has to be approved by the DOSA Finance Department, the Office of the Provost and the Budget Office.

Something to Remember

Roll-ups for income work differently in the reconciliation process. You might see the same number for income (Account Number 4XXXXX) appear on a different line. Don't worry, it will be accounted for by your Finance Manager.