Budget Monitoring


Process

The Budget Monitoring Reports play an important role in insuring that units operate within the limits of their budgets and take appropriate action when budget deficits appear imminent. They show a fund's overall performance and allow management to get involved in resolving outstanding issues.

The Office of Budget and Financial Planning centrally coordinates, reviews and supports the Budget Monitoring Process. We work directly with the department head or responsible budget manager to correct the deficit situations.


Schedule

Report for Period Ending Sept. 30 (50% Threshold) - After the close of September’s ledgers
Report for Period Ending Dec. 31 (60% Threshold) - After the close of December’s ledgers
Report for Period Ending Jan. 31 (70% Threshold) - After the close of January's ledgers
Report for Period Ending Feb. 28 (75% Threshold) - After the close of February’s ledgers
Report for Period Ending March 31 (85% Threshold) - After the close of March’s ledgers
Report for Period Ending April 30 (95% Threshold) - After the close of April’s ledgers
Report for Period Ending May 31 (100% Threshold) - After the close of May’s ledgers
Report for Period Ending June 30 (100% Threshold) - As of June 30

Distribution List

Monitoring

Written

Report Distribution

 

 

%

Explanation

Dept. Head /

Dean /

Vice

VPFA &

Month

Threshold

Required

Budget Mgr.

Director

President

President

Sept.

50

Only >100%

D

 

 

 

Dec.

60

Only >100%

D

S

S

S

Jan.

70

Only >100%

D

S

S

S

Feb.

75

Only >100%

D

S

S

S

March

85

Only >100%

D

D,S

S

S

April

95

Only >100%

D

D,S

S

S

May

100

Only >100%

D

D,S

S

S

June

100

Only >100%

D

D,S

S

S

D= Detailed Fund Report
S= Summary


Deficit Explanations

Each department is required to submit to the Budget Office an explanation and action plan for all funds in deficit. Reports on funds over the monthly threshold function only as a tool to raise awareness on the current status of the funds.