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
Satisfaction And Deadline
While the operating departments have convued their overall satisfaction with the budget process, in the face of budgets cuts many have voiced concerns. Even though the fiscal atmosphere has been less then optimal, the Assoc. VP for Budget and Operations is satisfied with the process as well.
While the Budget submission deadline has not yet occured, it if fully expected that the budget will be submitted on time and will be approved by the board.
Action
Actions
While overall satisfaction with the budget process exists, the current fiscal climate is not condusive to meeting the expectation of all operating units within the university. The budget director will continue to work with the current Interim VP of Finance and Operations, and the in coming new VP of Finance and Operation, to further refine the budget process in order to achieve the maximum satisfaction level amoung participates, while continuing to meet all deadlines.
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 tested against actuality in FY2011.
Criterion
FY11 Budget Projections Judged Reasonable When Compared To Fy11 Actual
When tested against the FY 11 actuality, the Fy11 budget projected from new models will prove to be reasonably accurate.
Finding
Accuracy Measured
When tested against the FY11 actual budget, the FY 11 projected budget was found to be reasonable accurate.
Action
Action
Utilizing the new models, the budget office will create a projected budget for FY12. During the course of creating this budget, the budget office will refer to the FY 11 actual vs. projected budget comparison to see where the changes can be made to the new models so that an even greater degree of accuracy can be achieved.
Findings regarding the projected FY12 budget against the FY 12 actuality will be available at the close of FY 12.