Enhance Link Between Planning And Budgeting As Well As Determining Resources Needs And Uses Both Short And Long Term.
Enhance Link Between Planning And Budgeting, As Well As Determining Resources Needs And Uses Both Short And Long Term.
Objective
Update Operating Budget Process For Longer Term Aproach
Update operating budget process for longer term approach to incorporate more transparency and to involve academic executives and executive office directors in the process.
Indicator
Assess Updated Process For Building Operating Budget
The updated budget process will be assessed on effectiveness in producing a budget that meets required standards, and on participant satisfaction with the new process. The Assoc VP for Budget and Operations and the VP for Finance and Operations will render judgment on whether the budget meets standards. The Budget and Operations Office will gather budget process participant feedback by convening one or more informal focus groups. Participant feedback will be collected on satisfaction with the experience, productivity of the process, satisfaction with the outcome and the value of repeating the process in the future.
Criterion
Satisfactory Operating Budget Created On Time And Participants Satisfied With Process
In order to be judged completely successful, the updated process for generating an Operating Budget will produce an operating budget within deadlines that is also judged to be satisfactory by the Assoc. VP for Budget and Operations. In addition, the process will be judged to be a positive and productive process worth continuing by process participants
Finding
Budget Met Standards And Participant Feedback Collected
The Operating Department started working with their budget for the new fiscal year and found it to be satisfactory in the way it was put together. Also, the Vice Presidents appreciated the budget meeting with their areas when the budget was completed.
Finding
Operating Budget Meet Standards And Complete
The operating budget was complete and approval by the board in August , 2010 for FY 11.
Action
Actions
Based upon our FY 10 findings from processes employed in building the FY11 budget, we plan to expand FY 10 efforts to increase transparency and engage academic executives in the process. These will include sharing information and soliciting input from operating units in order to make anticipated adjustments to the FY11 budget and to create a FY12 budget that will accommodate anticipated revenue reductions and will more precisely budget funds where they are spent.
Objective
Define Models For Enhanced Data Analysis To Improve Decision Making
Define Models for enhanced data analysis to improve decision making
Indicator
Assess Budget Projections Created With New Models
Budget projections for FY11 that were generated with new models will be assessed for reasonableness while in formulation and will be tested against actuality in FY2011. Interim judgments re. the reasonableness of budget projections created with new models will be made by the Director of Budget, the Associate VP for Budget and Operations and the Vice President of Finance and Operations, with input from financial operations representatives and executive managers across the university. The final assessment of effectiveness for the new models will be made in Fiscal Year 2011 when the budget is in use.
Criterion
FY11 Budget Projections Judged Reasonable And Fy11 Test Vs. Actuality Due In FY11
In final phases of testing new models the FY11 budget projections will be judged reasonable by the Director of Budget, the Associate VP for Budget and Operations and the Vice President of Finance and Operations, reflecting input from financial operations representatives and executive managers across the university. When tested against the FY 11 actuality, the Fy11 budget projected from new models will prove to be reasonably accurate.
Finding
FY 10 Testing Of New Model Projections For FY11 Budget Are Positive
The final FY 10 tests of new model projections for the FY11 budget yielded a budget that was judged to be reasonable by the Director of Budget, the Associate VP for Budget and Operations and the Vice President of Finance and Operations. Findings regarding the projected FY11 budget against the FY 11 actuality will be available at the close of FY 11.
Action
Action
The models identified in FY 10 were reasonably successful, however, in FY 11 it will be necessary to experiment with new models due to the transition to the BANNER system… This change of information systems will affect not only the nature of the model inputs but also their relationship to each other.