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 Approach
Update operating budget process for longer term approach to incorporate more transparency and to involve academic executives and executive office directors in the process.
KPI
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.
Result
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 VP Finance and Operations. In addition, the process will be judged to be a positive and productive process worth by process participants.
Action
Updated Process
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 work with the current VP of Finance and Operations, and Associative VP of Financial Service, to further refine the budget process in order to achieve the maximum satisfaction level among participates, while meeting all deadlines.
Objective
Define Models For Enhanced Data Analysis To Improve Decision Making
Define Models for enhanced data analysis to improve decision making
KPI
Assess Budget Projections Created With New Models
Budget projections for FY12 that were generated with new models will be tested against actuality in FY2012.
Result
FY 2012 Budget Projections Judged Reasonable When Compared To FY2012 Actual
When tested against the Fiscal Year 2012 actuality, the Fiscal Year 2012 budget projected from new models will prove to be reasonably accurate.
Action
Action
Utilizing the new models, the budget office will create a projected budget for FY13. During the course of creating this budget, the budget office will refer to the FY 12 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.