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FY20 Budget Overview BA Meeting

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evangelia
8 diapositives · 233 Views · Mar 22, 2014

The FY20 Budget Overview BA Meeting took place on January 10, 2019, providing insights into the Wharton Budget Process. This meeting focused on a framework that is based loosely on the current year's budget while incorporating new and changing initiatives alongside departmental priorities. Attendees engaged in discussions about the allocation of resources, strategic planning for the upcoming fiscal year, and how to effectively address the evolving needs of various departments. This overview is crucial for understanding budgetary constraints and opportunities moving forward.

#budget overview #departmental priorities #Wharton process #fiscal planning #resource allocation
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FY20 Budget Overview BA Meeting
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  1. FY20 Budget OverviewBA Meeting January 10, 2019

  2. Wharton Budget Process | Overview • Framework: based loosely on current year’s budget + new/changing initiatives/ Departmental priorities • Schedules: translate framework for consistency across Wharton by categories + documentation of budget components • Hyperion: input of budget and review versus schedules and departmental context via Hyperion Reports • Review: of mechanical and contextual aspects of departmental budgets • Analysis: at School level to verify accuracy of budget, understand changes to upcoming budget versus current year forecast • Present: budget summary and additional request to Dean • Additional Analytics: as needed based on presentation • Budget Approvals: communicated for those departments with Funding requests • Trustee Approval: of overall budget

  3. FY20 Budget | Key Dates Wharton’s Final FY19 Forecast due to Central Apr 15 Academic Depts. FY19 Projections: update of Non-standing Faculty & PhD due Feb 15 Wharton’s FY20 Budget due to Central May 1 Wharton’s Winter FY19 Forecast due to Central Jan 15

  4. FY20 Budget | Training Options Budget Schedules Hyperion: Entry & Reports One-on-One Sessions

  5. FY20 Budget | Challenges Ahead • Transforming the Wharton Campus • The construction of two brand new state of the art academic facilities • Renovation and upgrading the entirety of Vance Hall • Substantial remodeling and restructuring of SHDH • Major infrastructure upgrades to JMHH • Current & Future Capital Investments • FY19 - $20M • FY20 - $57M • FY21 - $45M • FY22 - $28M • Economy & Stock Market • Strong economic growth and positive stock market gains for the last nine years have supported Wharton’s growth and success • A recession would present challenges for our Executive Education and External Affairs growth which we rely on to support the base operations of the School. !

  6. FY20 Budget | Methodology • New positions anticipated for FY20 will not be included in the FY20 budget • All new positions for FY20 will need to be requested through HR and approved by the Vice Dean of Finance & Administration and/or Deputy Dean as needed during the course of the fiscal year. • Budget requests for Additional Funds should only be submitted for essential needs • Attempt to fund smaller expenses through departmental productivity gains, using restricted funds, departmental discretionary funds or reducing spending in other areas. • All substantive requests will be submitted, with a written case for its necessity. These requests will be considered in relation to all requests, based upon the overall budget situation of the School. • Departmental meetings regarding the additional requests will be scheduled with the budget team and Vice Dean of Finance & Administration to examine the need and potential alternatives. • The Dean, in conjunction with the Vice Dean of Finance & Administration, will approve or reject spending proposals. !

  7. FY20 Budget | Potential Productivity Enhancements • Supplier relationships • Can we evaluate spending with major suppliers and see if existing terms can be renegotiated? • Can contracts be put out for bid? • Eliminating Wharton Printing will save the school $500k annually, while reducing stationary and print costs by 30% to 40% for Wharton departments. • Utilize technology to reduce costs and enhance efficiency • Wharton F&A had 25 printers within the department and has reduced it to 2 printers, resulting in significant lease savings. • Eliminating unnecessary leasing costs would result in large cost savings. • Could a technological solution reduce or eliminate existing expense? • Travel & Entertainment • Can trips be planned earlier to save on airfare costs? • Can we compare caterers based upon prices to try and reduce costs? • Can conferences and meetings be scaled back? • Is using technology for meetings rather than incurring travel expenses an option? !

  8. Strategic Planning Group | We are here to help! Contact your analyst with any questions during the budget prep period (now through March 7th) Sarah Grady 8-9227 Todd Pustilnick 6-8299 Jim Quinn 3-5404 Lisa Dresner 8-2691