Budget Planning & Process

Budget Planning & Process

Budget Development

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 Budgets: : Budget Unit Managers may access this information by utilizing the Banner FBIBUDG form. To access this Banner form, use the "GO TO" tool in the upper left hand corner of the banner entry screen and type in "FBIBUDG." Please contact the Budget Office for further assistance with using the FBIBUDG form. Multiple Base Budget Reports are also available via Insight. Once logged onto Insight, navigate to the Public Folders Tab > Access Pages > Budget Tracking > Base Budgets. Please contact the Budget Office for assistance with using the Insight budget reports.
   
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 will primarily determine the prospect for salary increases and/or changes to benefit rates. The Budget Office will distribute specific guidance on this topic at the beginning of the budget process and provide updates accordingly.
   
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 adjust 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. Benefits:
   
6. 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. Work Study funding is managed by Career Development Services.
   
7. Auxiliary Indirect Costs - The current rate of 12.03 percent should be applied to any additions or changes to auxiliary expenditures.
8. Enrollment - Your planning should consider the following enrollment numbers:
   • Annual FTES = 20,705 (On-Campus 17,557; Off-Campus 3,148)
     
   • Fall Headcount = 25,096; (On-Campus 20,347; Off-Campus 4,749)

Budget Submission Requirements

Vice Presidential budget submissions should consist of the following:

• Executive Summary: Provides the overall summary of your budget request as well as, strategic issues to be incorporated into the planning process.
  
• E&G and Studen Fee Supported Budget Planning Summary Forms: These forms are designed to capture a high-level summary of the 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 final recommendations for the Operating Budget & Plan.
  
• 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 Re-Allocations proposed by each VP Area to fund new or existing intitiatives/priorities. The Executive Budget Committee will utilize this form to document and evaluate overall re-allocation planning throughout the Budget Process.
  
• New or Modified Fee Request Form: Is designed to capture all requests for new fees, as well as, proposed changes to all existing fees. The Executive Budget Committee will evaluate these requests for inclusion in the recommended Operating Budget & Plan and if approved, published in the official Schedule of Tuition, Fees, and Service Charges.
  
• 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.

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