Alameda County FY 2010/2011 Budget Review Vincent Gordon, Budget Analyst, PA 730.
Managing a Budget Conducted by the Budget Office Corbin deNagy – Budget Analyst.
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Transcript of Managing a Budget Conducted by the Budget Office Corbin deNagy – Budget Analyst.
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Managing a BudgetConducted by the Budget OfficeCorbin deNagy – Budget Analyst
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GL: Where accounting transactions are recorded, contains actual (non-budgetary) financial information
GL Accounts: Classify balances on the GLExamples:◦ 112000 – Cash in Bank◦ 600501 – Investment Earnings-Interest◦ 741101 – Supplies Office
GL Journal Entries: Record accounting transactions, must be in balance (Debits = Credits)
General Ledger Concepts
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Examples: When a voucher is keyed◦Debit Expense $500◦Credit Payable ($500)
General Ledger ConceptsGL
Account Type
OMNI Accoun
ts
GL Account Examples
Increase
Decrease
Assets 1XXXXX2XXXXX Cash, Receivables Debit Credit
Liabilities 3XXXXX4XXXXX Accounts Payable Credit Debit
Revenues 6XXXXX Interest Income Credit Debit
Expenses 7XXXXX Salaries, Office Supplies
Debit Credit
When the payment is made◦Debit Payable $500◦Credit Cash ($500)
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Budgetary Accounts: Classify balances on KKExamples:◦ 690500 – Budget Interest Earnings◦ 710000 – Budget Salary Wages◦ 740000 – Budget Expense
Budget Journals & Budget Transfers: Record transactions to KK budget ledgers◦ Journals are used to increase or reduce budget◦Transfers are used to transfer budget
Commitment Control Concepts
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KK Ledger Groups & KK Ledgers: Where budgetary transactions are recorded
Examples:
Commitment Control Concepts
KK Ledger Group KK Ledger
CC_EXP_GRP For non-project expense budgets
CC_BUD – Expense Budget
CC_ENC – Encumbrances
CC_EXP – Expense
CC_REV_GRP For non-project revenue budgets
CC_REV_BUD – Revenue Budget
CC_REV_REC – Revenue Recognized
CC_REV_COL – Revenue Collected
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GL & KK: What posts to each?Transaction GL KK
GL Journal Entries
Everything Lines including cash, receivables, payables, revenues, expenses, etc. all post to the GL.
Some things Only lines including non- property revenues and non-property expenses post to KK.
Budget Journals & Budget Transfers
Nothing GL Journal Entries are the only financial transactions that post to the GL.
Everything Lines updating budget balances post to the appropriate KK budget ledgers.
Other – Purchase Orders, Travel Authorizations, etc.
Nothing GL Journal Entries are the only financial transactions that post to the GL.
Some things Encumbrances are established when purchase orders or travel authorizations are issued.
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In OMNI:◦Departments roll up to Areas◦Areas roll up to Schools/Colleges*◦Schools/Colleges roll up to Divisions
Examples:
*Note: OMNI Schools/Colleges are not always academic!
OMNI Organizational Structure
Department AreaSchool/College
Division
008012Women's Track
Women's Athletics Athletics Central
Administration042002Utilities
ElectricityUtilities AVP Facilities Finance &
Administration
087001FL Climate
CenterMeteorology College of Arts
& Sciences Academic Affairs
187016Jazz Education College of Music College of MusicAcademic Affairs
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Budget Entity is a classification used to define resources. In short, it indicates funding sources.
Funding sources may be:◦Appropriated – Set aside by the State Legislature
for specific purposes◦Non-Appropriated
At FSU, budget entities correspond to OMNI Fund numbers.
What is a Budget Entity?
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OMNI funds 1XX (non-College of Medicine) and 2XX (College of Medicine).
Appropriated by the State Legislature.
Includes General Revenue (primarily Florida’s sales tax), Student Tuition and Fees, and Lottery.
Spending must result in a direct, specific benefit to the University.
Education and General (E&G)
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OMNI funds 121 and 126
Established in 2008-09.
Funds are allocated by the Provost.
F.S. 1009.24, “the revenues from the tuition differential shall be expended for purposes of undergraduate education.”
E&G: Tuition Differential
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OMNI funds 3XX
Primarily sales to University departments, students, faculty, staff, and others. Student Housing, food services, bookstores, student health centers, transportation and parking services, facilities management and computer support are among the major services provided.
Spending from an auxiliary should be consistent with its mission/purpose.
Note: Surplus revenues from Market Rate Tuition auxiliaries (OMNI fund 325) may be used in support of non-auxiliary activities, but must follow E&G/auxiliary spending guidelines.
Non-E&G: Auxiliary
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OMNI funds 520-570
From contracts and grants related to sponsored research.
Spending must comply with all university and agency requirements, and must follow the terms of the contract/grant.
Budget Office policies and procedures cover everything except sponsored research activities under the purview of SRAS.
Non-E&G: Contracts and Grants
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OMNI fund 610
Primarily the Activity and Service (A&S) fee, along with some self-generated revenues from the FSU Flying High Circus, the Ogelsby Union, etc.
A&S fee revenues are allocated by SGA and should be spent to benefit the student body in general.
Non-E&G: Student Activities
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OMNI fund 615
From the technology fee paid by students.
Funding is distributed in three ways: (1) one-third to the colleges based on an allocation model that uses each college’s most recent total student credit hours; (2) one-third to the central IT organizations based on a similar model; (3) most or all of the final one-third to faculty or staff projects that enhance instructional technology.
Non-E&G: Technology Fee
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OMNI fund 620
Commissions from vending machines (over 250 on campus!).
Funds are allocated from the President to the VPs and then to the colleges/departments.
Non-E&G: Vending
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Identifying DDDHC, Budget Manager, Authorized Signer(s)◦ To look up single departments:
Financials Main Menu Set Up Financials/Supply Chain Common Definitions Design Chartfields Define Values Chartfield Values Add to Favorites! Department
◦ To look up multiple departments: Financials Main Menu Reporting Tools Query Query Viewer FSU_DPT_AUTHORIZED_SIGNERS
Designations
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Authorized Signers – those designated to approve transactions.
DDDHC – typically delegates budgetary responsibility, but holds ultimate responsibility for the fiscal soundness of a department.
Designations can be updated using the Update Existing Department ID Form (located on the Budget Office website).
A Few Notes: Designations
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Serves as the official contact for the department on financial matters.
Ensures that departmental ledgers are reconciled to supporting documents.
Identifies and corrects invalid department-fund combinations.
For Non-E&G, enter operating budgets. Completes and submits required
documentation. Maintains departmental available and cash
balances.
Budget Manager Responsibilities
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Budget Office policies and procedures cover everything except sponsored research activities under the purview of SRAS.
Our office focuses on DDDHCs, Budget Managers and Authorized Signers, SRAS focuses on project personnel.
Updates may need to be made through SRS along with Chartfield Values.
http://www.research.fsu.edu/contractsgrants/forms.html
A Few Notes: Designations
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Budget Errors prevent financial transactions from posting.
Budget Errors
Budget Error To Correct
Budget is Closed• Sponsored Research Only: Contact SRAS• All Others: Contact the Budget Office
Exceeds Budget Tolerance
(The transaction did not pass E&G “Budget
Checking”)
• Follow procedures to increase E&G Available Balance
No Budget Exists(The department-fund-account combination
has not been activated in OMNI)
• E&G Only: If possible, perform a Budget Transfer to add budget to the combination• Anyone: Contact the Budget Office to request a Zero Budget Journal
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Budget Entities are constrained by either:◦ Budget◦ Cash
When a Budget Entity is constrained by budget, “Budget Checking” in OMNI will prevent transaction from being processed without sufficient funds.
When a Budget Entity is constrained by cash, departments may spend into a cash deficit, as there is no “Cash Checking” in OMNI.
Spending Constraints
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Which Budget Entities are constrained by budget?◦All E&G funds (1XX-2XX)
Which Budget Entities are constrained by cash?◦All Non-E&G funds (3XX, 610, 615, etc.)
Why are E&G funds constrained by budget and not cash?
Spending Constraints
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What does this mean for the Budget Manager?◦When spending is constrained by budget,
departments should monitor Available Balance.
◦When spending is constrained by cash, departments should monitor Departmental Cash Balance
Before we delve into this more, let’s recap.
Spending Constraints
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Recap: FSU Budget Entities
Budget EntityOMNI Fund(s
)
State Appropriate
d
Spending Constrain
tEducation & General
(E&G) 1XX Yes Budget
E&G-College of Medicine 2XX Yes Budget
Auxiliary 3XX No Cash
Student Activities 610 No Cash
Technology Fee Trust Fund 615 No Cash
Vending 620 No Cash
Athletics 630 No Cash
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Available Balance = Budget-Encumbrances-Expenses
There are a few ways to check available balance:◦Budgets Overview◦Budget Detail◦OBI Available Balance
The first two ways are “live” while OBI uses data as of close of business the night before.
Available Balance
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OMNI Financials Main Menu Commitment Control Review Budget Activities Budgets Overview Add a New Value tab Enter BUD OVER Add Ledger Group: CC_EXP_GRP Save
Available Balance: Budgets Overview
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Let’s try an example:◦Enter 004% in the Dept field◦Click Search
What information do we have?What information can we ignore?
Available Balance: Budgets Overview
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OMNI Financials Main Menu Commitment Control Review Budget Activities Budget Details Ledger Group: CC_EXP_GRP
Available Balance: Budget Detail
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Let’s try an example:◦Ledger Group: CC_EXP_GRP◦Enter 004% in the Department field◦Budget Period: 2013◦Click Search
What information do we have?What information can we ignore?
Available Balance: Budget Detail
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myFSU BI Dashboards Financial Reports – Available Balance
Notice the date and time beneath the headers – if you are providing data from OBI, be sure to note that the data does not include the current day’s transactions
Available Balance: OBI Available Balance
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Let’s try an example:◦ Click the drop-down arrow for Department◦ Click Search…◦ Enter 004 in the Name field◦ Click Search◦ Click the double arrows to “Move All”◦ Click OK◦ Click Apply
Unlike the other options, OBI Available Balance will not show carryforward funds next to current-year funds. To view carryforward funds, change the Report Categories to E & G – FSU – CARRY FORWARD
Available Balance: OBI Available Balance
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You discover that one of your departments has a negative available balance; what do you do? You could do one or both of the following:◦Transfer budget between departments and/or
accounts Budget cannot be transferred between different
E&G funds Salary conversions must be processed by the Budget
Office◦Transfer expenses between departments and/or
funds Maintain reporting integrity (e.g., E&G expenses
that belong on E&G should not be transferred to an Auxiliary)
Payroll transfers must be processed by Payroll Accounting
Negative Available Balance
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The Budget Manager designation does not give an employee the proper security to process budget transfers in OMNI.
Any user (Budget Manager or not) may request the Budget Transfer Role via the eORR link.
The FSU Budget Transfer Role Request form (available on the Budget Office website) must also be submitted to the Budget Office.
Budget Transfer
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In general, budget may be transferred:◦ Within a department, between budgetary accounts
(046000-110-720000 to 046000-110-740000)◦ Between departments, within a budgetary account
(046000-110-720000 to 001000-110-720000)◦ Between departments and budgetary accounts
(046000-110-720000 to 001000-110-740000) Budget cannot be transferred between funds
(i.e.,110 to 140). Why? All E&G budget transfers involving Salary (710000)
must be coordinated through the Budget Office. Visit the Budget Office website for detailed job aids.
Budget Transfer
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Department
Fund Account Budget Encumbrances
Expenses
Available Balance
046000 110 740000 $20,000 $5,000 $17,000
$(2,000)
046000 110 710000 $5,000 $1,000 $1,000 $3,000
046000 140 700001 $15,000 $3,000 $6,000 $6,000
046001 110 740000 $10,000 $2,000 $2,000 $6,000
046002 320 740000 $30,000 $20,000 $2,000 $8,000
Negative Available Balance
Let’s try an example:◦What could we do to correct this negative
available balance?
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How often should a Budget Manager monitor their available balance?
Answer: At least weekly. The Budget Office runs queries at the end of every month and emails Budget Managers whose departments have an aggregate (non-Salary Budgetary Accounts) negative available balance.
Quick Point: Negative Available Balance
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OMNI Financials Main Menu Reporting Tools Query Query Viewer Query Name: FSU_DPT_CASH_BALANCE Click Favorite under “Add to Favorites”
Departmental Cash Balance
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Let’s try an example:◦Click HTML under “Run to HTML”◦Business Unit: FSU01◦Non E-G Fund w wildcard %: 330◦Dept ID w/ wildcard %: 046001◦As of Jrnl Date: t◦Click View Results
Departmental Cash Balance
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You discover that one of your departments has a negative cash balance; what do you do? You could do one or both of the following:◦ Transfer cash between departments and/or funds
E&G cash cannot be transferred to Non-E&G, and Vending cash cannot be transferred to a Non-Vending fund
Maintain reporting integrity (e.g., cash that truly belongs on Student Activities should not be transferred to cover an Auxiliary cash deficit)
◦ Transfer expenses between departments and/or funds Maintain reporting integrity (e.g., Auxiliary expenses that
belong on an Auxiliary should not be transferred to E&G) Payroll transfers must be processed by Payroll Accounting
Negative Cash Balance
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How often should a Budget Manager monitor their cash balance?
Answer: Like available balance, at least weekly. The Budget Office runs queries at the end of every month and emails Budget Managers whose departments have a cash deficit.
Quick Point: Negative Cash Balance
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What funds do you get to keep?
Treatment of Funds at Year End
Type of Budget Entity
Funds Funds Kept by Department
E&G
OPSExpenseOCOSpecial CategoriesCarryforward
June 30th Encumbered Balance + Available Balance
Salary $0-Excess funds are swept to the University Central Reserve
Non-E&G Cash June 30th Fund Balance
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E&G Example
At June 30th, your balances are:
How much would your July 1st carryforward budget be?
Treatment of Funds at Year End
Budgetary Account
Budget Encumbrances
Expense Available Balance
Salary $300,000 $5,000 $283,000 $12,000
Expense $40,000 $2,000 $16,000 $22,000
Carryforward
$10,000 $1,000 $8,000 $1,000
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Rate: the annualized pay attached to a position (doesn’t include fringe benefits)
Salary: Rate plus fringe benefits
Example:◦An employee’s Rate, or annual pay, is $30,000.◦The University pays an additional $8,400 for
the employee’s health insurance, retirement, etc.
◦The Salary budget for the employee is $38,400.
Rate vs. Salary
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For the Operating Budget, the Budget Office calculates E&G Salary budgets by department, then books the budgets in OMNI.
The Budget Office then manages E&G Salary throughout the fiscal year using a process called Rate Allocation, keeping control totals of Rate.
For this reason, any Rate changes must go through the Budget Office.
E&G Salary Budgets
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Unlike Rate, Salary budget is not generally adjusted during the fiscal year.Exception: In some cases, unused budget for Faculty (excluding benefits) may be converted to OPS, Expense, or OCO. These conversions must be processed by the Budget Office.
Because the Budget Office manages E&G Salary, Budget Managers do not need to monitor E&G Salary budget or available balance. They do need to ensure that employees are paid correct amounts on the proper department-fund combinations.
E&G Salary Budgets
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For the Operating Budget, the Budget Office generates Non-E&G Position Reports to show estimated Salary expenditures by department.
These reports are sent to Budget Managers, and the Salary Estimates are displayed on the Non-E&G Budget Request screen in OMNI.
Budget Managers may use these estimates to develop their Salary budget requests.
Non-E&G Salary Budgets
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Once Operating Budget requests are approved and booked in OMNI, Non-E&G budgets are not generally adjusted.
Like E&G, Non-E&G Budget Managers do not need to monitor Salary budget or available balance. They should, however:◦Monitor their Departmental Cash Balance◦Ensure that employees are paid correct amounts
on the proper department-fund combinations
Non-E&G Salary Budgets
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For E&G, three reports are periodically created and distributed to OMNI Schools/Colleges:
1. Allocation Reports (separate Faculty & Support Staff)2. Position Reports (separate Faculty & Support Staff)3. Support Staff Rate Pool Reconciliations (which
reconcile Allocation Reports to Position Reports)
Non-E&G Position Reports are created and distributed to Budget Managers:
1. Around June of each year for use in developing budgets2. As requested
Budget Office Reports
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Visit the Budget Office website for more on:◦Rate & Salary◦Fringe Benefits◦In-Unit & Out-of-Unit Classifications
http://www.budget.fsu.edu/Positions-Rate
More Rate & Salary Information
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Can we have more than one Budget Manager?◦ Answer: OMNI only allows for one person to be listed.
Our department is starting a new auxiliary; can we use our main department ID (which is an E&G department)?◦ Answer: The purpose and corresponding coding of the
department ID determines what Budget Entity can be used. Typically, a department ID can only be associated with one Budget Entity. For this question, the auxiliary would need to have it’s own department ID.
◦ Exceptions
Frequently Asked Questions
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Can we delete or inactivate an unused department ID?◦ Answer: At this time, we are unable to inactivate department
IDs. We cannot delete department IDs because we must retain historical records.
If we can’t delete or inactivate an unused department, why do we need to maintain department designations (DDDHC, Budget Manager)?◦ Answer: Designations must be maintained in case erroneous
transactions hit the department. If this happens, we will know who to contact (remember – the Budget Manager is the official contact for the department).
Frequently Asked Questions
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Budget Office: http://www.budget.fsu.edu/◦ Important Announcements◦Budget Office Staff◦Financial Reports & Data◦Auxiliary Information and Forms◦Positions & Rate Information and Forms◦FSU Department ID Form◦Budget Manager Responsibilities◦ Job Aids◦Frequently Asked Questions and a Glossary of Terms
Controller’s Office: http://control.vpfa.fsu.edu/
Essential Websites
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Enterprise Resource Planning (ERP): http://www.erp.fsu.edu/
Human Resources: http://hr.fsu.edu/
OMNI Training: http://omni.training.fsu.edu/
Purchasing Services: http://purchasing.fsu.edu/
Sponsored Research Accounting Services (SRAS): http://www.research.fsu.edu/sras/
Essential Websites
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Budget Office Courses◦BTBUD1 – Managing a Budget◦BTBUD2 – Introduction to Auxiliaries◦BTBUD3 – Auxiliary Rate Calculation
Visit http://www.hr.fsu.edu/train/ for:◦Course Schedules◦Registration Instructions
Classroom Training Courses
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Thank you for attending!
Questions or comments?
Please complete a course evaluation!
Corbin [email protected]
The End!