H&S Finance Colleagues,
Happy (almost) March and the third fiscal quarter. Here are some quick updates:
Mid-Year Reforecast: With half the fiscal year complete formal analysis of actual expenses compared to the budget allow for an updated year-end financial forecast. Information on how to complete a midyear forecast is available on the H&S Finance Website.
Aging Credit Card and Advance Transactions:
- Thank you to everyone clearing all our aging transactions. We are happy to report that H&S had zero swept transactions for the first quarter!
- Today February 28 is the deadline for approving transactions to keep them out of the second quarter sweep process, which will complete May 6, 2022.
- Separately from the quarterly sweep process the University taxes cardholders for PCard and TCard transactions and advances that age past 60 days, so please keep an eye on any transactions that near the 60-day limit.
Affordability Increase: The University recently announced and is implementing an affordability increase for Regular Benefits Eligible (RBE) employees effective March 1, 2022. Each budgeted funding source will fund the increase. For the portion funded by HSDO allocations, a one-time supplement to cover FY22 expenses will be transferred in the coming months and a base increase will be adjusted in the FY23 HSDO allocations.
Endowment Payout Windfall and General Funds Pullback: The FY23 endowment payout is expected to be larger-than-average creating a windfall. A portion of the windfall enables the endowment payout to cover some expenses previously covered by general funds. We are waiting to hear about the amount of the general funds pullback and the amount that it will impact your windfall.
Budget Savings: Steve Olson has confirmed that units will once again be able to retain their general funds budget savings in FY22.
BPS Budgeting for FY23: Budget season is fast upon us. The BPS system will be down tonight starting at 5:30PM and back online by 9:00AM on Tuesday following a routine software update. We are targeting the following dates for the budget process:
- Open for non-salary entry June 14, 2022 (after commencement)
- Open for salary entry June 22, 2022
- Due July 20, 2022
More to come on budget season as we get nearer.
Mailing List: In recent years, we have been using our “BPS Users” email list to communicate a broader set of topics of financial interest to the H&S community beyond just budgeting information. Please communicate directly with your liaison if you have financial staff in your unit who you believe would be appropriate additions to this distribution list for H&S Finance communications.
As always, please reach out to your liaison if you have questions about any of the above.
Associate Director of Finance
The School of Humanities and Sciences