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Budget Planning & Process

Budget Planning & Process

2014-2015 Budget Development

Table of Contents

Available Resource Information

  1. Organizing Hierarchy Report
  2. Operating Budget Trend Reports
  3. Budget Worksheet Report
  4. Schedule of Tuition, Fees, and Service Charges
  5. Assessment Report of Prior E&G Funding Allocations

Planning Assumption

  1. New Positions
  2. Salary Actions
  3. Wage Positions
  4. Work Study Funds
  5. Auxiliary Indirect Costs
  6. Tuition and Fees
  7. Enrollment

Budget Submission Requirements

Templates & Forms

Available Resource Information

  1. Organization Hierarchy Report: Upon request, the Budget Office will provide a listing of all budgets within each Vice Presidents area of responsibility. Hierarchical budget unit changes are best managed with budget development to achieve July 1 implementation and fiscal year data congruity.
  2. Operating Budget Trend Reports: Insight provides several operating budget trend reports that may be run at varying levels of detail. These reports may be saved in Excel format for ease of analysis and forecasting future budget requirements.
  3. Base Budget Worksheet Report: : Budget Unit Managers may access this information by utilizing the Banner FBIBUDG screen report. To access this Banner Report, use the "GO TO" tool in the upper left hand corner of the banner entry screen and type in "FBIBUDG."

    On the FBIBUDG Form, enter the following:

    • Budget ID row type in "15BUD".
    • Tab down to the Organization and type in your budget unit number.
    • Tab to Selection Criteria Key 1 and select Account,
    • Then "Control Page Down" and you will have the Base Budget by subaccount over multiple banner pages. The first column entitled 16Base refers to the current Base budget which will "roll" into FY2016 Operating (OPAL) on July 1, 2015.
Budget Tracking

Multiple Budget Reports are also available via Insight. Once logged onto Insight, navigate to the Public Folders Tab > Access Pages > Budget Tracking > Base Budgets.

Please consult the Appendix to the Budget Management and Financial Reporting training materials for specific information about each available report.

4. Schedule of Tuition, Fees, and Service Charges: Provides the listing of tuition, fees and service charges approved by the President. If you wish to add or revise any fees in this schedule, please download the template (see Budget Office Webpage Template Forms link) and complete the Fee Recommendation Worksheet.

5. Assessment Report of Prior E&G Funding Allocations: : The Budget Office distributes a report of prior funded E&G initiatives and requires each Vice President to attest to the status of each initiative and its success.

Planning Assumptions

  1. Salary, Wages, and Employee Benefits (Full-Time Positions) - The Commonwealth's budget status will determine the prospect for salary increases. We will assume the status quo and adjust when we know more.
  2. New Positions: Employee benefits for new full time positions should be calculated at 37.10 percent.
  3. Salary Actions: Requests for in band adjustments or salary changes to existing positions should add employee benefits at 22.25 percent of the salary change.
  4. Wage Positions - The cost for temporary wage positions (part-time faculty, hourly and students not enrolled in classes) should include the wage plus 7.65 percent for FICA
  5. Work Study Funds - The base budget contains all funds for work study student employees supported by the Federal grant. Work study revenue will continue to be allocated based on 75 percent of the expense. In addition, federal regulations require 7 percent of our work study funds to be spent on Community Service related endeavors.
  6. Auxiliary Indirect Costs - The current rate (FY15) of 12.03 percent should be applied to any additions or changes to auxiliary expenditures.
  7. Tuition and Fees - Budget requests should assume no increases for tuition and student fees. Reallocations need to be made to cover inflation and programmatic changes. If the approved rates are different, the Budget Office will adjust for the changes.
  8. Enrollment - Your planning should consider the following enrollment numbers:
    • Annual FTES = 20,097 (Regular Session - on campus fall/spring = 14,440; Summer Session - on campus only = 1,413; Annual Off-Campus = 4,244); Fall On-Campus headcount = 19,950; Fall Off-Campus Headcount = 4,878; Total Fall Headcount = 24,828

Budget Submission Requirements

Vice Presidential area budget submissions should consist of six parts - an Executive Summary, Budget Planning Summary Form, Auxiliary Budget Planning Summary Form, Re-Allocation Planning Form, and the Foundation Transfer Budget Planning Form. The forms are inclusive of budget requests for new Base and One-time funding, position request/actions, new/modified fees, re-allocations of existing funding, and multi-year fund balance projections.

  • Executive Summary: Provides the overall summary of your budget request as well as, strategic issues to be incorporated into the planning process.
  • Budget Planning Summary Form: Is designed to capture a high-level summary of the FY2015 E&G and Comprehensive Fee Supported Strategic Budget Initiatives / Issues as presented by each VP Area. The Executive Budget Committee will utilize this form in conjunction with its Budget Planning Working Sessions to establish the strategic framework and financial scope for the FY15 Budget.
  • Auxiliary Budget Planning Summary Form: Is designed to capture a high-level summary of the current and future revenue and expenditure projections for individual Auxiliary Service funds and their impact on the Auxiliary Fund Balance. This form will be utilized in conjunction with an Executive Summary to establish the initial short and long-term planning for each auxiliary unit.
  • Re-Allocation Planning Form: Is designed to document a high-level summary of the FY2015 Re-Allocations by each VP Area. The Executive Budget Committee will utilize this form to document and evaluate overall re-allocation planning throughout the FY15 Budget Process. This new form is designed to capture all re-allocations planned for FY15.
  • Foundation Transfer Budget Planning Form: Is designed to capture the proposed annual transfers of spendable income from Foundation gift resources to the University.

All budget submissions should be submitted via email to baird@odu.edu . Please contact the Budget Office (extension 3-3127) with any questions.