The Budgeting Process – General Funds

1. The Budgeting Process – General Funds Prepare initial School/Directorate budget (pay, non-pay and equipment) Confirm appropriate baseline Prepare School/Directorate strategic assessment School Directorate plans received by IOPIG Finance consolidate School/Directorate budgets into initial overall estimate Planning & Finance Committee approval of strategy for year School/Directorate and IOPIG meet to discuss plans Head of School, Director or their nominee IOPIG – Integrated Operating Plan Implementation Group School/Directorate receive feedback from IOPIG on their strategic assessment Update on IOP presented to UMB Management Accounting Initial estimate updated as required UMB – University Management Board Senate Approval of IOP and Institutional Budget Plan at Senate Planning & Finance Committee approval of Institutional Budget Plan for year Approved budgets issued to budget holders Planning and Finance Committee

2. The Budgeting Process – General Funds Budget split across departments, projects and account codes  Budget profiled across the budget period Profiled budget accurately reflects School/Directorate plans Budget uploaded to QFIS before September Monthly report released on Finance Dashboard on working day 2 monitoring budget vsactual Review monthly performance against budget, investigating variances, taking action where necessary Head of School, Director or their nominee IOPIG – Integrated Operating Plan Implementation Group Management Accounting WD2: Monthly dashboard report released WD 7: Additional commentary provided on variances Forecasting performed in Nov/February/May Management accounting team work with School/Directorate to forecast budget Review quarterly performance against budget, investigating variances, taking action where necessary UMB – University Management Board Senate Planning and Finance Committee