Budget and Financial Planning
Fiscal Year 2020
Welcome to another year of budget management and planning.
The budget module will open on Friday, March 1, and instructions on its use can be found on the Budget and Planning section of the Finance website.
Paula Sturge will be holding training sessions the week of March 4th on how to access and use the budget module:
The budget module will close at midnight on Friday, March 22. All budget submissions must be made by that time. To allow appropriate time for review, the head of each division may establish an earlier internal deadline with department managers. A schedule of suggested interim deadlines is included at the end of the Colleague budget module instructions.
As you work on the 2020 budget, keep the following in mind:
· We expect that the expendable accounts (expenses other than salaries, wages and benefits) will not increase
· If there is a contractual or other compelling reason for increasing an expense item, there must be an offsetting decrease in another line within your budget, or within another department within the division
· Any anticipated spending from restricted funds, whether endowed or from expendable gifts must be budgeted for and must not exceed the available cash balance
o Endowed and gift funds have an account number that starts with a “2” or “3”.
o Unexpended cash balances in these accounts are carried forward from year to year.
· Budgeting funds using the “miscellaneous” object code should be avoided.
o Specific object codes exist for most expenses. A list of the codes is on the Budget & Planning website, and if a code does not appear in your department’s unit, it can be added
· Capital expenditures are not typically part of the operating budget
o There is a separate budgeting process for capital expenditures.
o Any request for operating funds for capital must not exceed $1,500.
o This funding should be for a specific purpose, and must include a justification.
· Most salaries, wages and benefits (SWB) are budgeted for by the Finance office. However overtime wages, student wages and temporary wages are budgeted for by the individual departments.
· The reallocation of budget dollars within a cost center (first ten digits of the account number), and between cost centers within a division to better align the budget with actual expenditures is encouraged.
· The monthly expense reports provide a history of expenses for the current year and the prior two years, and should be helpful as you work on the fiscal ’20 budget.
Thank you for your cooperation as we work together to develop the Fiscal ’20 operating budget.