Type of Resource

Budget Management Best Practices for YEC and New FY

Instructions and Links to Running Reports for Best Practice Tasks

When Managing a Budget

Wrapping up 2019/20

H&S OBI Financial Dashboard reports are available to you to review final year-end close numbers.  These reports can be found under “H&S Financial Dashboard” in the “Quick Links” list on the H&S Finance website home page.

The reports to help you view the data are the:

  • OB and Non-OB Reports (use Fiscal-to-Date AUG-202x for FY2x year-end close activity).
  • Department Reserve Reports (provide multi-year fund balances by reserve category).  This may be the most valuable to review, offering a confirmation of local funding available, as well as past year trends. 
  • Faculty Salary Actuals and Variance (use Fiscal-to-Date AUG-202x).  These reports allow you to ensure that cost-sharing obligations were met, sabbatical charges were directed to the correct PTA, and any supplemental salary payments to faculty in your area were received.  

A user guide to running these reports from the H&S Financial Dashboard is available on the H&S Finance site (see Final Year-End OBI Reporting - Job Aid).

In addition, helpful reports have been posted in your repository folder:

  • Final commitment reports have been posted in the Non-Salary View/Funding Commitments repository folder.  You do not need to wait for your liaison to post this report; you can run this report as well by following the user guide available on the H&S Finance site (see Final Year-End HandSOn Commitment Reporting - Job Aid).
  • A copy of your Operating Budget from BPS, with both a Salary and Non-Salary view, has been downloaded to the Salary View/Budgets and Non-Salary View/Budgets folders.  This year, we have added the data you entered in the Restricted Funding tab to the report, and hope to have it better-formatted for next year.


Setting up 2020/21

There are a couple operational adjustments of which to be aware as we start the new fiscal year:    

  • The fringe rates for the current fiscal year have been confirmed.
    1. Postdoc fringe rate for 2020/21 is now 25.1% (vs. 25.2% previously).
    2. TGP rate increased (to 3.25%), but RBE rates correspondingly decreased (to 29.0%), leaving a total RBE rate on non-federal grants of 32.25% as previously announced. 
  • The 2020/21 budget will load into Oracle (and from there to reporting systems like OBI and FFIT) one month later this year than usual.  Budget information will be available in mid-November instead of mid-October.  The iBudget module will not reopen this year until the budget is loaded in mid-November. 
  • Recommendation:  Most have already been checking to see that labor schedules are set up correctly.  Reviewing labor schedules early in the fiscal year makes it easier to complete any necessary corrections or adjustments.

Recommended Tasks:

  1. Review the Faculty Salary Actuals and Variance report (use Fiscal-to-Date SEP-2020) to check faculty labor schedules are set up as expected and adjust as needed. (September/October)    
  2. Review FFIT or the OSA Balance report on the H&S Financial Dashboard for any current year suspense transactions and adjust as needed.  (September/October)  More information about clearing Organization Suspense Accounts (OSAs) can be found on Fingate.
  3. Check the funding of your FY21 budget by running the OB report on the H&S Financial Dashboard (use Fiscal-to-Date SEP-2020).  As noted above, funding will be loaded in mid-November rather than mid-October this year; until then you will only see deficits in the OB.
  4. Check that your expense control (budget) information has been loaded correctly from BPS into Oracle by running the Expenditure Balance Summary report from the Expenditure Balance tab of the Consolidated Expenditure Reporting dashboard in OBI.  If you use FFIT, your budget information can also be easily confirmed there as well. As noted above, the budget will be loaded in mid-November rather than mid-October this year; until then you will only see deficits in the OB.
  5. Download an excel copy of your budget summary report from BPS (either salary or non-salary) from the H&S Repository, located on the H&S Finance site.
  6. Run reports for restricted fund balances:
  • OB and Non-OB reports (use Fiscal-to-Date NOV-2020 for quarter one FY21 activity).
  • Department Reserve Reports (provide multi-year fund balances by reserve category).  This may be the most valuable to review, offering a confirmation of local funding available for 2020/21. 

Why Run Reports for Restricted Fund Balances at the Start of a Fiscal Year?

This is an especially good time to review restricted fund balances.  By reviewing restricted fund balances in the 1st quarter, following the start-of-year transfers that support your Operating Budget, you will be able to identify potential funding shortfalls as well as available funding opportunities for the year.


In mid‐July, during the budgeting process, each unit identified the amount of restricted funding required to support projected operations in the upcoming fiscal year.  Forecasting year-end fund balances is an essential part of that exercise to determine if there is enough funding in restricted sources to cover the needed expenses in the new fiscal year.  Because forecasting is done in June and the fiscal year ends at the end of August, there may be a difference between what was forecasted and what occurred at year-end.  Now is the time to confirm that there are enough funds in your restricted balances to support the intended expenses for FY21.     

When checking restricted balances, if you encounter deficits (shortfalls), you can identify alternate funding sources or adjust expenditure levels early in the year to avoid year‐end emergencies.  Similarly, larger‐than‐expected balances (surpluses) may highlight opportunities for additional spending or the building of reserves, etc., during the current year.

The Non-OB report, which is available on the H&S Financial Dashboard, can assist in identifying potential issues and opportunities regarding your restricted funds. This report reflects: beginning fund balances; transfers in of new revenue, gift receipts, endowment payout, and support from other units; transfers out to support your operating budget; expenses; and a projected (calculated) ending fund balance, including anticipated endowment payout for the year and outstanding expenditure commitments. Understanding the reasons for any projected deficits (or surpluses) in an ending fund balance, such as an unanticipated smaller (or larger) beginning fund balance or inflows that have not yet posted, will enable you to take appropriate actions now rather than waiting until fiscal year-end.

We have posted a user guide to running the Non-OB report from the H&S Financial Dashboard. This user guide is available on the H&S Finance site (see Restricted Funding Analysis OBI Report - Job Aid).

Please contact your Finance Liaison to arrange a time to discuss any projected restricted fund balance deficits, or if you have any questions or concerns about running the reports, and thanks for your attention to these start-of-year activities.