Budget Overview

What is a Budget? A budget is a financial plan that identifies the resources necessary to meet a set of goals for a period of time; our fiscal year runs from July 1st through June 30th.

How is a Budget used? A budget is a tool that records, in monetary terms, goals for programs, staffing and operations; it is useful for determining a unit’s financial position and performance against expectations. The revenue portion of the budget outlines how money will be brought into the University, the expenses estimate the costs involved.


BUDGET CYCLE

The budgeting cycle has two main phases: the planning phase and the operations phase. The planning phase identifies the goals to be attained during the upcoming fiscal year(s), and the budget necessary to achieve them. The operations phase focuses on the actual performance. It involves budget implementation and monitoring functions. The operations phase emphasizes a comparison between the budget and the actual revenue and expense activity.

                                        

 

Planning Phase

Planning/Development

During the planning phase of the budget process, there are two key components: planning and development.

The budget should be based on a combination of historical data and future financial projections.

During these phases of the budget cycle, departments, schools and colleges should analyze their current and projected financial position, planned activities for the following year, and resources necessary to pay for those activities.

 

 

Budget Cycle

 

 

 

 

 

 

 

 

Operations Phase

Implementation/Monitoring

During the operations phase of the budget process, there are two key components: implementation and monitoring.

During the implementation phase, once the budgets are approved they are uploaded into Banner Financial Information System (FIS). All budgets recorded in Banner should be verified.

During the monitoring phase of the budget process, budgets should be reviewed and compared to actuals.