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CON Budget/Financial Principles and Practice: Difference between revisions
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CON Budget/Financial Principles and Practice (view source)
Revision as of 14:53, September 27, 2013
, September 27, 2013→Budget Process
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===Budget Process=== | ===Budget Process=== | ||
====Budget Activity and Time Line==== | |||
<p style="margin-bottom:15px;">Unit administrators with budget authority develop a proposed budget for the next fiscal year and are expected to monitor expenditures throughout the year. Budgets are “zero-based,” i.e., expenses and revenues balance with no carry-forward of year-end unexpended balances.</p> | |||
<p style="margin-bottom:15px;">Each unit is responsible for activity planning for the next year. This includes a re-evaluation of assumptions, analyses, plans, and budgets used in the previous year's planning and budgeting process. Since goals and objectives may change from year to year, data that feed plans and budgets must be reevaluated each year to ensure that they reflect today's environment. A budget plan projects resource needs which are translated into dollar figures. For purposes of unit budget planning, the following categories are considered by Department Chairs and Division Deans:</p> | |||
<ul style="margin-bottom:15px;"> | |||
<li>Personnel | |||
<ul> | |||
<li>identify all necessary positions</li> | |||
<li>recommend equity salary adjustments </li> | |||
<li>recommend merit increases based on performance</li> | |||
</ul> | |||
</li> | |||
<li>Operating Costs | |||
<ul> | |||
<li>associated costs of personnel: | |||
<ul> | |||
<li>major travel expenses</li> | |||
<li>office equipment, furniture, supplies</li> | |||
</ul> | |||
</li> | |||
</ul> | |||
</li> | |||
</ul> | |||
====Budget Guidelines==== | |||
<ul style="margin-bottom:15px;"> | |||
<li>Resource needs, broadly considered, include personnel and operating costs.</li> | |||
<li>Unit budgets consist of personnel and travel. In addition, Division budgets include operating dollars for basic office equipment and supplies.</li> | |||
<li>The College Operating Budget was fixed by NU many years ago and is inadequate to meet today’s needs; therefore, the same is true for the Division budgets.</li> | |||
<li>Salary lines are central and may be moved in order to meet strategic College needs.</li> | |||
<li>As is the case with many other College activities, a partnership exists between the units and the Dean’s office. Unit administrators are accountable for projecting budgets based on needs; for controlling their budget; and for alerting the Dean’s office to needs beyond their budget. The Dean’s office is responsible for assuring compliance with established funding priorities and budgetary and other guidelines; for oversight of all budgets; and for transfer of funds among cost centers as needed.</li> | |||
</ul> | |||