Budgeting is creating a plan to optimize your financial resources to enable you to determine in advance whether you will have enough money to do what you need to do or would like to do. H&S utilizes a “fund transfer” model, where we budget, fund, and record “operational” expenses in operating accounts.
In H&S, operating budgets are created annually using the School's Budget Planning System (BPS). H&S Finance then loads this information into the University's budget system, Tidemark, to help prepare a comprehensive and consolidated budget for the School. H&S Finance transfers the identified School-controlled funding for the operating budget at the beginning of the fiscal year and matches actual funding with actual expense at fiscal year-end.