MORE THAN YOU IMAGINE Head Teacher Forum Buddy & Financial Data

MORE THAN YOU IMAGINE Buddy and Financial Management  Funding sources  On-costs  Budgets, Expense, Transfers  Reading Buddy  Basic Financial Management

MORE THAN YOU IMAGINE Fund Sources Commonwealth, State Agreement Contestable Funds Commercial International Core FundsNon-core Funds Core Budget Delivery Plan (TIPA) College/Cluster Budget SAP / Buddy

MORE THAN YOU IMAGINE Buddy and SAP  Buddy is an interface to SAP SAP Buddy Tells us what is in SAP Data External Transactions Budgets Income Transfers

MORE THAN YOU IMAGINE Fund Sources

MORE THAN YOU IMAGINE Buddy Exercise:  Change fund codes to see variations

MORE THAN YOU IMAGINE On-costs Base Salary On-costs are additional costs above the base salary paid by the employer as part of working conditions or regulatory requirement. On-costs add about 27% to FT salary costs and about 17% to PT salary costs. The real hourly cost of employment is thus the total costs / actual hours worked. TIPA budgets & Buddy budgets include on-costs. Leave Loading Extended Leave Provision Workcover Insurance Payroll Tax Annual Leave Provision

MORE THAN YOU IMAGINE Buddy Exercise:  Navigate to FT Payroll  Navigate to PT Payroll  Note non-teach payroll also in some sections  Why check this? WHO are you paying??  Note Confidentiality: important to manage this information respectfully.

MORE THAN YOU IMAGINE Expenditure & Budget - College Core Budget Other Expenses Core Staff Salaries Core Budget Expense Balanced Budget Gives $ spent, $/ASH Staff costs, expenses Commercial, International Un-Balanced Budget Gives TROUBLE! Note: All salaries and expenses paid from Fund 001 (in Core)

MORE THAN YOU IMAGINE Expenditure & Budget - College Core Budget Other Expenses Core Staff Salaries Core Staff Salaries Non-Core Other Expenses Non-Core Budget Expense RTMS Journal Transfer Core Budget Expense entered as a negative in core to move to non-core as expense against income Non-Core Income

MORE THAN YOU IMAGINE Buddy Exercise:  Go to June 2011, core funds  Determine if there are any RTMS transfers  Click through to list the transfers  Note the amounts linked to what is selected

MORE THAN YOU IMAGINE Budget in Buddy

MORE THAN YOU IMAGINE Budget in Buddy

MORE THAN YOU IMAGINE Buddy: Forecast 1 1 Quick Review: Actual / months to date = $ per month (approximately) $ per month x remaining months = funds required to end yr/sem Remaining funds – commitments – funds required = over/under? Quick Review: Actual / months to date = $ /10 = $108,000 $ x 2 = $ 216,000end yr/sem $144,000 – $46,000 – $ = -$118,000 ie overrun

MORE THAN YOU IMAGINE Buddy Exercise:  Go to May 2011 Core, forecast June  How close was it?  Notice a problem with this exercise?

MORE THAN YOU IMAGINE Buddy: Detailed Review  Section level variance, which are negative?  Click through to detail  Employees – Payroll, Transfers  Other Expenses – Purchases, printing, travel....  What income / expenses are outstanding?  What future impacts are expected?

MORE THAN YOU IMAGINE Buddy – What’s next?  Buddy can’t tell the whole story; it is a snapshot in time.  Some tracking of hours, expenses needed  What RTMS, journal transfers expected?  Current balance – adjusted to ‘now’ with local knowledge  Funds come in ‘chunks’ so reconciliation needs care