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Budget: Introduction to Annual Budget Cycle

Cindy Miesbach Author

05/31/2018 Added

109 Plays

Description

An introduction to UNL's annual budget cycle.

Searchable Transcript

[00:00:00.000]This is an introduction to the University of Nebraska–Lincoln’s annual budget cycle.
[00:00:06.800]At the University of Nebraska, the fiscal year runs from July 1st through June 30th.
[00:00:14.133]Throughout the fiscal year, UNL departments actively manage their current fiscal year’s budgets in the Budget Control System also known as BCS.
[00:00:25.966]In February and March, in preparation for the upcoming fiscal year, Departments verify all aspects of their current budget,
[00:00:36.233]because the current permanent budget will provide the structure for their next fiscal year’s budget.
[00:00:43.133]From April through June, the Budget Office and campus departments prepare the new budget in the Budget Prep System.
[00:00:52.333]In May, the Budget Office calculates and loads the approved raise pool into Budget Prep and new salary rates become effective July 1st.
[00:01:03.400]During July and August, the Budget Office finalizes the non-salary lines of the new budget.
[00:01:11.400]The finalized budget is moved from the Budget Prep system into SAP in August.
[00:01:18.966]There are three data management systems used to transact and analyze budget information.
[00:01:25.200]All three are accessed through the Firefly portal, but are identified on separate tabs.
[00:01:32.700]BCS is located on the tab labeled “Budget.” University departments use BCS throughout the year to maintain their budget,
[00:01:42.466]for example to review or adjust budget attributes and balances.
[00:01:47.733]The Budget Preparation system, located on the tab labeled “Budget Prep,”
[00:01:52.766]is used to make the changes to permanent budget for the new fiscal year.
[00:01:58.800]SAP is located on the “SAP Logon” tab. It is the official “source of record” for all financial and budget data.
[00:02:08.800]SAP reports may be used to assist managerial decision making.
[00:02:14.933]Under the “Reporting” tab reports are available to review data from the transactional systems.
[00:02:21.900]Throughout the fiscal year, which begins July 1st, a department utilizes BCS to manage their permanent budget.
[00:02:31.300]When February rolls around, the campus begins to plan for their next fiscal year.
[00:02:38.033]This is when validation of permanent budget is performed.
[00:02:42.566]It is important to thoroughly review and validate the current year’s permanent budget prior to April 1st.
[00:02:51.566]On April 1st, a copy of the current permanent budget is transferred from BCS to Budget Prep.
[00:02:59.433]While the campus is beginning to develop the next fiscal year budget in Budget Prep,
[00:03:04.733]they continue to manage the current year’s permanent budget in BCS.
[00:03:10.833]Meanwhile, the salary data that was copied from the current permanent budget is used to develop the raise pool.
[00:03:19.366]The raise pool is developed by multiplying the total perm budget of all filled positions by the rate in the approved salary guidelines.
[00:03:30.633]In May the Budget Office calculates and loads the approved raise pool into Budget Prep and the departments distribute the raise pool.
[00:03:41.200]The new salary rates created in Budget Prep are copied over to the SAP HR module.
[00:03:49.133]New salary rates are uploaded from Budget Prep to SAP in two groups.
[00:03:54.966]Biweekly and monthly salaries are uploaded into SAP in late June. Faculty salaries are uploaded into SAP in mid-July.
[00:04:08.366]In August, the budget is uploaded into BCS and SAP, becoming the new fiscal year’s permanent budget.
[00:04:18.533]UNL’s Budget Office staff is available to assist you with your department’s budget and financial needs.
[00:04:25.800]If you have questions about the budget process or about the data management systems, please contact us.

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