FY 15 Budget Overview University of Northern Colorado

Susan L. Simmers, MBA Asst. Vice President for Finance

Happy New Year !

Introduction

• Financial Reporting and the Budget• FY 15 Budget Parameters • Special topics for FY15

Financial Reporting and the Budget

• The BOT reporting has been evolving to a more transparent communication with more definitive organization of our financial resources.

• Quarterly reports are available on the Financial Services website under publications for the campus community.

Financial Reporting and the Budget

• The Budget and corresponding financial reporting is now in three major categories:– Operating– Strategic Investments– Capital

Financial Reporting and the Budget

• Operating Includes– Financial resources that have been designated as

our operating budget • Needed to cover our day to day operations of UNC.

– Operating Budget Includes: – Funds in the General Fund (1x) – Funds in the Self Supporting Funds (2x)– Funds in the Restricted Gifts Funds (3x)

Financial Reporting and the Budget

• Strategic Investments – Financial resources that have been designated for

strategic investments, generally related to the Nine Core Plans of UNC.

– These are One-Time resources• 2.5 million funded from operations annually• The remainder is a culmination of fund balances or use

of reserves

Financial Reporting and the Budget

• Capital – Financial resources that have been designated for

capital includes:• Deferred Maintenance• Small Equipment• Renovations

Financial Reporting and the Budget

• Capital– Capital projects are requested in the process

managed by the AVP of Facilities (Kirk) and are ranked in priority order and funding decisions are made during the budget process.

FY 15 Budget Entries

• BD05 – Realignments – Revenue entries offset one another– Expense entries offset one another

• BD06 – Budget Corrections– Correcting the budget for revenue or expense to

reflect the correct amount of budget. Revenue or expenses may be more than prior year budget, if so a supplemental information form is required

FY 15 Budget Entries

• BD07 – Permanent Expense Reduction• BD08 – New Revenue / New Expense Request

– Rate changes– Volume changes– New activities – Service level changes– Requires supplemental information form

FY15 Budget Parameters

• Fringe Benefit Rates– Full benefits 32.2%– Reduced benefits 16.2%

• 3% Salary pool for planning purposes

FY 15 Parameters

• Postage increase• Utilities• Minimum wage

– These items will be posted by the budget office – They are in progress now

FY 15

• Purchased Services, OCE, Supplies – Please review these area carefully

FY 15

• Adjunct Budgets – Will be completed in the same manner as FY14– AVP Finance will send out a worksheet for Adjunct

Budget need for FY15– Do not make adjunct adjustments with your

operating budget – disclose your adjunct need on the worksheet and the budget office will make the budget entries once the adjunct budget is approved

FY 15

• Summer Work Study – Financial aid is awarding all work study during the

academic year to better benefit our students with financial need.

– Please review your total student employment budget to be sure you have enough student employment dollars to pay summer students through hourly employment rather than work study.

FY 15

• Academic Fee Balance Review– AVP Finance will send out a worksheet with all

academic fee fund balances– Please indicate in comments section what your

plan is for the funds – what they will be expended on and when

– If you plan to spend fund balance in FY15, budget expenses accordingly in the fund as you are preparing your operating budget.

FY 15• Academic Fees

– In general – no increases in academic fees– Changes in academic fees must be submitted through the

curriculum depository. Do not make budget entries – Ann Bentz, Special Assistant to the Provost reviews them and

submits them to the Provost for approval. – Ann will submit any request that she has received during the

year to the budget office by Feb 5– If you have any special situations you must fill out the fee

request form (s) on the budget office website and submit to the depository – copy Peg Morgan in the Budget Office so we are watching for it – need supplemental info form too.

FY 15

• Foundation Restricted Gifts Budgets– Reports that are identical to the operating budget

reports have been created• Budget Data Entry• Budget Review Summary

– Still have to get information from Foundation, make projections and disseminate this information to business managers to prepare detail budgets

FY 15

• Student Fees– Some changes are on the horizon for student fees – The details are being worked out by Michelle

Quinn– Revenue River - Prepare your budgets to reflect

the expenses necessary to deliver your student fee funded programs in the current funds/orgs

– The budget entries for the accounting structure changes will be handled by the budget office in the late March/early April time frame.

FY 15

• FY 14 was last year of roll forward• Vacancy savings will be estimated and

budgeted centrally and then removed from campus areas with one-time budget entries as they occur during the fiscal year

FY 15

• Staffing Plans – Proposed salaries in the staffing plan are loaded as

your FY 15 budget after approval at the VP level– A 3% increase for planning purpose has been

added– The fringe benefit rates have been calculated on

both the proposed salaries and the 3% increase– This information will be in your reports when you

download them

Staffing Plan Cycle

• Staffing Plans– The creation of the staffing plan at UNC has made

it imperative that we keep the Human Resources system and Position Control in synchronization.

– The fall staffing plans data comes from the position control module in banner.

– If you make any changes to contracts on position control salaries you must also submit a position control change form. Position Control module and NBA Jobs in HR are not connected.

Staffing Plan Cycle

• Sept – Staffing plans go out – data comes Position Control – the dollars come from position control

• Dec – Approved staffing plans are received by the budget office from the VP’s.

• Dec /Jan – Budget office enters staffing plans, fringe benefits, and increases in salary for planning purposes

Staffing Plan Cycle

• Feb – Budget preparers complete and submit budgets

• Mar-Apr-May – Series of executive and board meetings

• May – Salary data worksheets go out to campus – person by person raises are entered into worksheets (data come from HR system)

• June/July – approved worksheets are submitted to HR and Budget Office

Staffing Plan Cycle

• July/Aug - Budget office loads salary data worksheets into position control and balances budget to approved BOT budget – Match to compensation sheets– Then enter any changes since compensation

sheets went out • Sept – Staffing plans go out with updated

position control salaries.

Questions?

Thank you!