F&A Meeting: FY19 Budget Process Open House

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Presentation transcript:

F&A Meeting: FY19 Budget Process Open House December 19, 2017

FY19 Budget: Guiding Principles Avoid Tragedy of the Commons The Tragedy of the Commons is an economic theory of a situation within a shared-resource system where individual users, acting independently according to their own self-interest, behave contrary to the common good of all users by depleting or spoiling that resource through their collective action. Build a coordinated plan that lets us invest in growing areas while supporting needed functions and programs. Building a plan that is funded rather planning a fund Not a base+ exercise - we have a structural deficit that we need to alleviate Detailed, fact-supported plan of what is realistically needed to operate Spend “restricted” funds first. How can you reorganize to spend less? What can you do less of with minor impact? Rebuild the balance sheet Must produce an operating surplus to rebuild cash reserves After restricted funds and endowment, we have negative cash growth Your thoughts on these points?

OBFP Materials Being Developed New Processes Position Management/VRC Changes to account structure Use of departments, accounts & funds Timeline of Process System office Budget & Tuition by 3/15/18 Templates and Instructions Detailed review of prior year spending/FY18 projection Budget by fund, account and positions Glossary of common terms Policies Use of GOF last, use of salary-savings and carry-forward, budget transfers/amendments, funding startups, grant buyouts, etc. Your feedback on these areas?