Monitoring Open Balances for Travel, Prepaids & Cash Advances February 2011

Budget Process

April 2011

Linda Corva, Assistant Vice President/Controller

1Agenda

Budget ProcessDiscuss key chart field information re: budgets Discuss milestones throughout the Fiscal YearBeginning of the fiscal year End of each quarterLast four months of the fiscal yearMonth following fiscal year end

Can Ipay for this?Review topics2Key Chart Field InformationRe: Budgets

Budget Process

Can Ipay for this?3Key Chartfields

Budget ProcessBudgets are posted to specific funds and accounts:Funds:10000 State Appropriation10500 Tuition10600 Fees and Other RevenueAccounts by Category:500000 Personal Services600000 Travel700000 Operating Supplies & Expenses(OS & E)800000 - Equipment

Can Ipay for this?Review topics4Milestones Throughoutthe Fiscal Year

Budget Process

Can Ipay for this?5Milestones

Budget ProcessBeginning of the fiscal year (July)Quarter end (September, December, March, June)Last 4 months of the fiscal year (March - June)Month following fiscal year-end (July)

Review topics6Beginning of the Fiscal Year

Budget Process

Can Ipay for this?7Beginning Milestones

Budget ProcessJuly 1 Budget managers run Budget Progress Report and review allocation of amounts by fund, department and category.July 1 Budget managers begin to spend current year money allocated to your department(s) in funds 10000, 10500 and 10600 to cover expenditures in the various categories (Personal Service, Travel, Operating Supplies & Expenses and Equipment).

Prior year money will be discussed later.

JulyReview topics8Quarterly

Budget Process

Can Ipay for this?9Quarterly Milestones

Budget ProcessDay Following Quarter-End Close Budget Managers run Budget Progress Report and validate allocation (revenue) and expenditure amounts for each fund, department and category.Budget Managers report any coding errors to the Director of Accounting Services Accounting Services makes requested corrections

QtrlyReview topics10Quarterly Milestones (continued)

Budget ProcessWeek Following Quarter-End Close Budget Managers monitor correction of the coding errors, using the Budget Progress ReportBudget Managers sign and deliver Budget Progress Report to Budget Director by 5th day of the following monthBudget Director files budget amendment with Board of Regents, reflecting voluntary / involuntary adjustments to budgeted revenue and expenditures

QtrlyReview topics11Quarterly Milestones (continued)

Budget ProcessTypes of Adjustments:Allocation budgets may be adjusted to reflect actual tuition revenues received for the semester, budget cuts, fee budget adjustments, etc.Budget amounts may be moved amongfunds and departments, per budgetmanager requestsSalary Saving Dollars may be moved to Contingency and/or Special Projects budgets

QtrlyReview topics12Last 4 Months of theFiscal Year

Budget Process

Can Ipay for this?13March Milestones

Budget ProcessProcurement Services sends fiscal year-end deadline calendar to all budget managersDepartments continue to spend all dollars budgeted to their department(s)Budget Director begins gathering data for next fiscal years budgetBudget managers and BudgetDirector completequarter-end tasks

MarchReview topics14April Milestones

Budget ProcessAccounting Services announces deadlines for last bid opening for departmental purchasesState Appropriation allocation amount is announced for next fiscal year budgetBudget Director gathers requests for spending anyleftover departmental budgeted dollars (a/k/a Year End Spend)NOTE: CSU may carry forward up to 3% of its tuition revenues to the next fiscal yearPBC prioritizes new funding requests for next fiscal year

AprilReview topics15May Milestones

Budget ProcessAccounting Services cuts off department purchases on P-Cards (statement received in June)Summer registration fee deadline arrives Business office splits summer revenues by fiscal year (part in current fiscal year, part in next fiscal year)PBC prioritizes year-end funding requestsBudget Director builds next fiscalyear budget in PeopleSoft

MayReview topics16June Milestones

Budget ProcessBudget managers spend amounts approved by PBC (year end spend requests) based on PBC prioritized listAccounting Services closes Travel and Expense module for fiscal yearAccounting Services receives and reconciles P-Card statementBudget Director files final budget amendment with Board of RegentsAccounting Services reconciles generalledger and revenue amountsBudget managers and BudgetDirector complete quarter-end tasks

JuneReview topics17Month FollowingFiscal Year-End

Budget Process

Can Ipay for this?18July Milestones

Budget ProcessBudget and Finance continue to spend amounts approved by PBC (year end spend requests) based on PBC prioritized listAccounting Services prepares annual financial statements (a/k/a CAFR) for submission to Board of RegentsBudget managers start over with Beginning-of Fiscal-Year milestones

July

Review topics19Recap Q & A

Budget Process

Can Ipay for this?20Agenda - RECAP

Budget ProcessDiscuss key chart field information re: budgetsFunds 10000, 10500, 10600Accounts by Category:500000 Personal Services600000 Travel700000 OS & E800000 Equipment

Can Ipay for this?Questions?Review topics21Agenda RECAP (continued)

Budget ProcessDiscuss milestones throughout the Fiscal YearBeginning of the fiscal year review budgets, spend allocation End of each quarter validate Budget Progress Report infoLast four months of the fiscal year spending cutoff, YE spendMonth following fiscal year-end YE spend, CY spend

Can Ipay for this?Questions?Review topics22