FY25 Budget Development Kickoff Overview
The FY25 budget development kickoff outlines the timeline, activities, and key processes involved in developing the budget for January 2024. It includes details on workbook creation, budget materials, planning, resource requests, and budget presentations. Changes in the budget process, planning allocation basics, and resource allocation mechanisms are also discussed. Collaboration tools like Box are highlighted for sharing files and templates. Key milestones such as meetings with Dean Hess and input into the campus budget system are emphasized to ensure a streamlined budget development process.
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Presentation Transcript
FY25 BUDGET DEVELOPMENT KICKOFF January 2024
AGENDA Timeline Budget Materials Planning Allocation Workbook Changes Resource Requests Budget Presentations
FY25 BUDGET DEVELOPMENT TIMELINE Activity Start End 1/26/2024Workbooks are created and updated with current year data and up-to-date personnel and rates. 1/25/2024Formal presentation of the budget development timeline and process. Workbooks should be nearly complete 2 weeks prior to meeting with Dean. The two weeks prior to the meeting with Dean Hess will be used to reconcile any open items. 3/20/2024Two week period before presentation meeting. Reconciliation of open items and follow-ups. Workbooks and narratives should be absolutely complete 2 days before meeting to allow for materials to be shared and printed. Finalized budgets are input into campus budget system. Description Workbook Development 1/3/2024 Budget Kickoff Meeting 1/25/2024 Departments Complete Workbooks Chairs/Directors Complete Narratives 1/29/2024 3/15/2024 Feedback and Edits 2/19/2024 Meetings with Dean Hess and/or CFO 3/1/2024 3/29/2024 Budget Materials Input into Campus Budget Systems 3/20/2024 4/7/2023 * Budget presentation meeting will be scheduled soon.
All Files Shared via Box All Files Shared via Box Budget Workbooks Planning Allocation Targets Departmental Planning Spreadsheet New Hires tab Additional Adjustments Page tab Program Specific Planning tabs Non-comp planning tab (optional) Narrative Templates Updated Budget Development Webpage Updated Budget Development Webpage - https://businessoffice.education.wisc.edu/ budget2/ BUDGET MATERIALS
BUDGET PROCESS CHANGES Planning Allocation Targets Units that receive GPR support from SoE Workbook Tabs New functionality and design Simplifies by person budgeting (all funding splits on one tab) Office hours Ravi and Andrew will be available to help work through the new tools and provide as much support as needed. Resource requests Standardizing resource requests*
PLANNING ALLOCATION INTRODUCTION Planning Allocation Basics Planning Allocation Basics Base Allocations Base Allocations On-going funding changes Tracking mechanism to record changes to budget allocations Pay Plan, Faculty Block Grant, Dean approved requests, etc. Funds provided by School of Education Incrementally adjusted One One- -time Allocations time Allocations Funding provided for one year Beginning Base Budget Beginning Base Budget Anna Julia Cooper Postdoc +/ +/- - base adjustments base adjustments Nellie McKay Fellowship New Base Budget New Base Budget Multi Multi- -year Allocations year Allocations Funding provided for a fixed number of years (2-5 years) Also allows for tracking of non-base commitments One One- -time, Multi time, Multi- -year, and Renewable allocations year, and Renewable allocations Dual Career Hires TOP Program (Authorized 2023-24 and beyond) Renewable Allocations Renewable Allocations Ongoing funding as long as specific criteria still applicable TOP Program (Prior to -2023-24)
PLANNING ALLOCATION CYCLE During the Budget Development Processes During the Budget Development Processes After lock Period (end of March) After lock Period (end of March) Adjustments can occur throughout the budget development process No more adjustments can be entered in budget system As items are approved, they get added to the planning allocation system Items approved after lock will be transferred in WISER (Mid-year adjustments) Through March, adjustments will be added/subtracted in the planning allocation Base/multi-year items will be added to the planning allocation system the following period Most adjustments will be known and entered early in the cycle (upon distribution of workbooks) (This is most likely how we will treat DCF and Block Grant funding for FY24)
BUDGETS MUST TIE-OUT TO ALLOCATIONS Departments must budget expenses equal to their allocation targets Utilization of other Funds Base expenses exceeding allocations must be moved to other funding sources (departmental flex funds or other fungible sources) Expense budgets must tie-out to budget allocations Salary expenses must equal fund 101 salary allocations If total operating expense exceed allocations and fungible sources, a deficit exists. S&E expenses must equal fund 101 S&E allocations Departments must develop a budget repair strategy to bring expenses into alignment with available resources
NEW WORKBOOK DESIGN Leveraging Campus Designed tools to improve by person budgeting mechanics Departmental Planning Spreadsheet developed to simplify by person funding entry process Pivot tables to assist with summary inputs Non-comp template to help with S&E planning <Quick Demo of Workbook>
RESOURCE REQUESTS Due to budgetary constraints, funding for upcoming budget requests will be limited. To maximize our impact, we will prioritize proposals centered on high-priority student-focused areas. Please include discrete, well- defined initiatives with clear explanations of their expected benefit to students in your budget narratives and itemized in budget workbooks. Each request will be carefully evaluated by the Dean, and funding decisions will be made based on available resources and alignment with strategic student-centered priorities.
PRESENTATIONS Approximately 1 hour in-person discussion Chairs, directors and financial leads Chair or Director to share strategic direction of the department Review budgets and discuss opportunities/challenges Discuss resource needs in the short and long- term
BONUS COVERAGE Time Permitting Discussion of the revamped School of Education Named Chairs and Professorships Policy School of Education Named Chairs and Professorships Policy
