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.