Budget Monitoring and Responsibility
The Budget Office performs monthly reviews to determine if the appropriate
percentage of the budget has been expended. Managerial financial
statements are also prepared on a monthly basis. These statements
reflect budgeted revenues and expenditures, actual revenues and expenditures,
and a comparison of prior year revenues and expenditures.
Budget managers have access to Banner Self-Service and are encouraged to closely monitor their respective accounts to ensure
expenditures are correctly posted and do not exceed allocated funding.
The Budget Office provides workshops at least once a year covering the budget
process and budget monitoring. Individual training is also offered for
new employees. Budget managers must also ensure that their budgets are
utilized for the purpose intended, and that expenditures adhere to federal,
state and University regulations.
It is University policy that all accounts must have a positive cash balance
at fiscal year end. Budget deficits are prohibited unless the deficit is
authorized. The only authorized deficits are those that are created to
facilitate the year-end cash management plan for the University. For all
unauthorized deficits, the department will be asked to identify funds that
will be used to eliminate the deficit. Budget managers may transfer
funds within or between budgets under their control (with the exception of
salary lines or funds budgeted for a specific purpose such as
equipment). Transfers cannot be made, however, between E&G and
Auxiliary accounts. The ability to transfer funds from one account to
another during the year enables the University to use resources to achieve
maximum benefit and efficiency.
Year-end reviews are conducted to identify any budgets that have been
overspent. Budget managers are given a final opportunity to clear any
deficits from their accounts. The responsible Vice President is notified
and has the option of covering the deficit from remaining funds available in
other budgets under his/her supervision or choosing to have the following
year's budget reduced by the amount overspent.