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Budget Update August 12, 2014

Budget Update August 12, 2014. Mary Simon Senior Director, Budget Development & Planning. 1. AGENDA Budget Update. Lapse Guidelines Fiscal Year End 2014 New Fiscal Year Budget 2015 FMS Commitment Control Position Funding FY 2015 HCM Commitment Accounting Q&A.

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Budget Update August 12, 2014

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  1. Budget UpdateAugust 12, 2014 Mary Simon Senior Director, Budget Development & Planning 1

  2. AGENDABudget Update • Lapse Guidelines Fiscal Year End 2014 • New Fiscal Year Budget 2015 • FMS Commitment Control • Position Funding FY 2015 • HCM Commitment Accounting • Q&A

  3. Lapse Guidelines – Educational & General Funds • Disposition of E & G balancesare based on each Vice President’s direction for their areas • Prior to year end, Budget Office sends year end balance reports to Primary Financial Area Reps for processing budget transfers • E&G remaining balances should be zero • Any negative balances are addressed and cleared • Certain accounts are not subject to the lapse, including VP reserves, GIT & lab fees • Special Items & Research Development Funding will carry balances forward for FY 2014; however, must be fully expended next year since FY 2015 is the 2nd year of the biennium.

  4. Lapse Guidelines - Designated Funds • Disposition of centrally funded Designated account balances (formerly 19-7 accounts) are based on each Vice President’s direction for their areas. • Prior to year end, Budget Office will provide negative year end balance reports to Primary Financial Area Reps for processing budget transfers • Budget Transfers are completed as determined by VP Area • Any negative balances are addressed and cleared as appropriate • Certain Designated Accounts are not subject to lapse androll forward: • Most designated accounts sourced from fees • Facilities & Administration (F & A) accounts

  5. Lapse GuidelinesCentrally funded E&G and Designated AccountsGeneral Recap by Area - FY 2014 • President’s Office – department balances at year end will roll forward • Academic Affairs –departmental balances at year end will roll forward • Research – departmental balances at year end will roll forward; balances in E&G salary accounts will lapse to VP Research reserve • Business Affairs – department balances at year end will roll forward • Community Services – department balances at year end will roll forward • Student Affairs – department balances will lapse to VP Student Affairs reserve • External Relations – department balances will partially roll forward For questions, please contact your Financial Area Rep

  6. Lapse Guidelines Remaining Balance - Service Centers • Not subject to lapse (carry forward 100%) • Any surplus/deficit exceeding 10% requires special exception and approval of AVP-Financial Affairs • Monitored by Grants and Contracts Financial Services • Subject to Service Center Policy for compliance with OMB Circular A-21.For questions please contact: - Lila Martinelli x8022 - ShannynAdkins x4229

  7. Lapse Guidelines Remaining Balances - Other Fund Groups Year-end balances in the following funds are not subject to lapse (carry forward 100%): • Grant and Contracts • Auxiliary Enterprise • Gift/Restricted Funds • Plant Funds

  8. New Fiscal Year Budget 2015 FMS – Commitment Control Original Budgets 2015 expected to be loaded by August 26th and set to Control Budget Journals will record Original Budgets in PeopleSoft FMS - Commitment Control ledgers (OPE/OPR) following approval of the Board of Regents being held August 20-21st Original Budgets based on the final DEFINE-BUD documents processed and will utilize the Accounting’s COA Crosswalk (i.e. departments and cost centers) Permanent Positions from DEFINE-BUD documents will be utilized to indicate Budgeted Positions in PeopleSoft HCM; no other details will come across from the DEFINE-BUD. Budget Office will load Balance Forwards in FMS-Commitment Control during first full week in October following Accounting’s year end close out. Departments will need to review September month end reports and address negative balances as a result of HCM Personnel costs, salary encumbrances, material encumbrances, expenditures, etc.

  9. Position Funding FY 2015 HCM – Commitment Accounting Position Management Center-Department Budget Table (PMC-DBT) A batch process initiated by UTShare will update 2015 PMC DBT with the most current funding source “Tentative Date” for 2015 PMC DBT to open for Transaction Entry is Monday, August 18, 2014 Dual Years will be open until last payroll is paid in FY 2014 Departments must be careful to choose correct Fiscal Yearwhen entering a DBT while two years are open Funding changes for FY 2014 activity can still be entered while FY 2014 is open. If the change needs to be effective in both Fiscal Years, please ensure a DBT is initiated in FY 2015 as well.

  10. Position Funding FY 2015 HCM – Commitment Accounting FY 2015 Encumbrances – Salary /Fringe Benefits Initial encumbrance process tentatively scheduled for September 5th All filled and salaried positions funded in the PMC DBT will encumber; any vacant and unfunded positions will notencumber Salary encumbrance updates will run nightly to capture all funding changes. Error reports will identify positions with no funding and departments will be contacted by Budget Office to update funding.

  11. Questions?

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