FY14 Strategic Planning & Resource Allocation

Budget & Financial Planning

F&A Advisory GroupJan 23, 2013

Strategic Planning & Resource Allocation

planning to a budget

or

budgeting to a plan

Strategic Planning & Resource Allocation

Planning

VC area budgeting

University resource allocation

Ongoing financial mgmt

Planning

Develop common terminology and structure for reporting

Create shared vision of the future; what will we accomplish in FY14

Invest in broadening financial understanding

Establish common understanding of financial opportunities and constraints to bring expectations and requests in line with expected resources

Look for other ways to fund priorities (other than % reductions)

develop budget framework

request fee changes

budget kick-off

event

set revenue

and expense

parameters

VC area budgeting

Additional budget considerations optimize base budgets capture items that are regularly occurring but not annual include rollover expenditures include differential/lab fee expenses other items (NTT, faculty start-ups)

Submit new strategic requests and reduction opportunities within a project context (not as accounting detail in FAST)

position management

broaden

understanding

& engageme

nt

prepare

budgets

University resource allocation

Dual focus on optimizing service levels vs strategic allocations

Look at long-term consequences of changes

Integrate analysis; develop new ways to inform decision-makers

Provide

analysis to inform

decision-making

Com

munication

Budget approval

Ongoing financial management

conduct educational seminars

customize technical training

standardize reports and queries

share best practices

Budgetmanagement

Quarterly check ins

Expande

d education

& training

System changes

Fund consolidation Two bucket reporting

(personnel, operating) No TFA on GOF Recharges in common accts Expand Summit reporting

PeopleSoft

FinanceFAST

Fund consolidation Consistent level of detail

(subsidiary) Reduce changes Strengthen internal

reconciliation Continue discussion on FAST as

reporting tool

What doesn’t change

Potential fee constraints

Operating margin

Finance ratios

System Office

UMass Boston

Resource constraints

Budget & Finance business partner model

Policy around not spending or rolling-over personnel budgets

PS Finance budget rules

Strategic Planning & Resource Allocation

Develop a realistic, sustainable vision of our future, worthy of our institution, its mission and goals

and our time and effort.

Customer comments

Context. Communication. Collaboration.

Systems

Get better information; need of knowing (navigating) multiple systems

Would like to use a single budget system

Still feel the need to use shadow systems

Training on reading reports from systems

Want easier system for tracking vacancy savings

Separate salary account

Descriptive transaction details

Accurate numbers loaded

Process Clarity and Changes

Budget timeliness – more timely process (mentioned twice)

Process complicated/cumbersome

Too many budget layers/decisions – loss of control

Need clear budget calendar and communication plan

Decision process on approving expenditures

Controls to help monitor budget—Need avenue to get budget office support in emergency

Communications & Education

Budget memo too general – more specific in-depth information

Want budget to be more descriptive: Personnel $______ ,Strategic Initiatives $______

Regular updates on fiscal health of university

Need training for both existing and new staff

Carry forward & Other

Policy/procedure on carry forward

Clarify timing of earning RTF dollars

Money set aside in department budgets for training (specialized and general)