Budgeting is the process of planning and maintaining a budget. A budget is an itemized summary of estimated or intended expenditures for a given period along with proposals for financing them. It is also the systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period.
The university policy states that managers (including but not limited to department heads and center directors) are responsible for conducting their business activities in a manner consistent with good internal controls. Adequate discharge of this responsibility requires that managers monitor and review revenues and expenditures recorded in the funds (accounts) assigned to them.
The policy also requires position allocations to be made as a part of the university's normal budget process, published by the Budget Office, and recorded by the Department of Human Resources in the Human Resource Information System (HRIS). Consistent with the university budget process, the university's total position allocation may be increased only by the Budget Office with proper authorization from the Executive Vice President and Chief Operating Officer.
Planning for the effective use of departmental financial resources (including people, space, and time)
Working though the appropriate channels for budget requests and proposals
Authorizing financial transactions and ensuring that sufficient funds are available in the fund or funds
Ensuring an effective Departmental financial record keeping system is developed and maintained
Ensuring staff are adequately trained to process transactions accurately, timely, and in accordance with applicable federal and state regulations and university policies
Overseeing departmental funds to prevent over expenditure of a fund. If an overdraft occurs, you must take immediate steps to fund the deficit
Departments are responsible for ensuring that all charges to their funds, in the university accounting system (Banner Finance), are accurate and have been authorized.
