When constructed correctly, an IT budget can help IT leaders use the budgeting process as a tool to aid in communication and planning. In order to get IT budgets right, it’s important for the people creating it to be an essential partner to the business and understand business needs. Everyone’s activities need to be covered in the budget because if they aren’t, it will be difficult for departments to see their goals through. IT leaders usually present and oversee the budget, but other individuals such as line managers and consultants help out. Sometimes an initiative specific budget makes more sense. Typically, companies prepare an annual budget. Examples include recurring expenses such as staffing or one time expenses dedicated to specific projects or initiatives. It lists funding for all projects and technologies within departments. For more information on these transfers, please see our guidance within the Budget Transfer form.IT budgeting is when a company allocates money to various IT programs. We will review them, and (if approved) will complete the requested transfer. Units can submit a Budget Transfer form to our office. ![]() These changes are done through “Budget Transfers”. Examples include certain graduate tuition amounts, Federal Work-study cost share, and some internal award funding.īudget Transfers: Because the annual budget is set in May, there are times when units need to realign budgets to be more reflective of changes that can occur throughout the year. Unlike the Allocation Entries, these journal entries are variable amounts and can change. Non-Allocation Entries: Journal entries that our office completes that are based on actual financial activity for the university throughout the year. Once established, these amounts rarely change. Journal Entries and Budget TransfersĪllocation Entries: Journal entries that are provided (or charged) to units on a monthly or quarterly basis that are tied to the annual budget process. The office works closely with the Provost's office, Finance, and planning units regarding University budget and planning. The BPA office is responsible for coordinating the annual University budget process, collecting and analyzing data to support the annual budget presented for Board approval, and managing and monitoring the University budget throughout the fiscal year. Our office prepares the final budget recommendations in the form of the Budget Book, and submits it to the Board of Trustees for approval in June.įor a visual representation of these dates, please view our Budget Process Timeline (PDF ). Final budgets are then “locked down” in April/May. Planning units are then asked to revise their current year forecast and future year’s budgets for re-submission in March.Īfter the Spring budgets are compiled, leadership will make final budget decisions communicate any changes to planning units. This revised guidance is provided to planning units in January/February. ![]() Financial review meetings provide planning units and leadership the opportunity to review the projected financial forecasts and budget projections.Īfter the Fall financial review meetings are complete, our office, in conjunction with leadership, will revise the planning assumptions and guidance. These materials are returned to our office in October, at which point BPA staff review and compile the University budget. Using our guidance, and unit specific knowledge, planning units provide financial forecasts for the current year, a budget for the following year, and forecasts for three additional years. The annual budget process begins in September with the release of updated models, guidance, and tools for planning units to utilize in the development of their annual budget. To see specific contact information for the BPA office, see our Staff page. We also maintain financial contact information available in the Planning Unit BPA contact list. We also provide direct support to the Budget Partner Group and Budget Planning Council with information and reporting as needed. Our office also provides operational support to the university by creating and maintaining certain allocation journal entries, processing budget transfers, and original budget corrections when needed. We provide support to planning units on the development of their budgets through models, guidance, and budget tools. The Office of Budget Planning and Analysis (BPA) is responsible for coordinating the annual University budget process, collecting and analyzing data to support the annual budget presented for Board approval, and monitoring the University budget/forecast throughout the fiscal year.
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