Budget Development
The budget development page was created to aid 精品SM在线影片 departments in creating their annual budgets. If you are a 精品SM在线影片 entity and would like consultation when creating your budgets, please contact us using our online form.
General fund budget approval听timeline
In prior years, BFP established a General Fund continuing budget cutoff date in mid-April to prepare for the following fiscal year鈥檚 C-ROLL (continuing budget roll forward).
Starting this year, the C-ROLL will now be prepared in the new Anaplan budget tool. Campus units will use the budget tool to plan their FY25 starting General Fund continuing budget at the speedtype and account code levels. General ledger data is currently flowing into the budget tool via a nightly automatic process, meaning that budget journal entries submitted to PeopleSoft and approved on the general ledger will automatically appear in Anaplan after the CIW nightly refresh.
On Friday, April 19, 2024, this nightly refresh will be paused. Campus units should therefore not make any General Fund continuing budget journal entries starting on April 19. If units would like to make continuing budget changes after this date, best practice would be to indicate continuing budget changes in Anaplan to take effect on July 1 of FY25. If continuing budget journal entries must be made after this date for FY24, they should be made within the same level 5 org on the same account codes, and budget tool users must also manually indicate the changes in Anaplan.
FY25 starting General Fund continuing budget plans in Anaplan are due by Friday, June 14. After this date, a review and approval workflow will take place, and BFP will submit approved budget plans via journal entry into PeopleSoft, effective July 1 of FY25.
Please reach out to budgettool@colorado.edu with any questions about the Anaplan budget tool and the FY25 budgeting process.
Planning parameters
精品SM在线影片's planning parameters by fiscal year (PDF)
Auxiliary fund budget development
Auxiliary budget information and instructions听(PDF)
Cash carryforward management
The General Fund cash carryforward (CCF) is the budget available at the end of a fiscal year that is carried forward to the next fiscal year. The CCF is determined by total budget (and actual ID revenue if applicable) less expenses, excluding encumbrances. Encumbrances should zero out at the end of each fiscal year regardless, so in case they do not, they are already excluded from the calculation.
The campus guideline for how much budget is reasonable to reestablish, or carryforward, in the new fiscal year is one percent or less of the total General Fund budget, in accordance with the Budget and Net Position Internal Reporting policy. Each division should ensure that their unit carryforwards fall within these guidelines.
During the fourth听quarter of the fiscal year, you should be monitoring your expenses in order to determine your year-end financial position. With anticipated final fiscal activity in mind, you can begin planning for your carryforward. Using a Revenue and Expense summary report, you can estimate your final fiscal activity and how that relates to your budget. Budget and Fiscal Planning recommends transferring excess budget balance available that is over one percent of total budget to a plant fund (Fund 72) speedtype.听It is recommended to keep those resources in the plant fund until needed.
Fund 10 speedtypes that have a deficit balance and are linked to a fund 72 speedtype with sufficient funds to cover the deficit will receive an automatic cash transfer after each June close.听If there aren鈥檛 sufficient funds in the fund 72 speedtype to cover the deficit you may do a manual cash transfer to cover all or part of the deficit.
Departments have until the 2nd campus close to do entries, about two weeks into July.听However, you are encouraged to close your unit鈥檚 books sooner than the final day of close.听It is reasonable, and encouraged, to have squared up the majority of your unit鈥檚 financial activity during June.
The cash carryforward entries are recorded as 鈥淭ROLLFY##鈥 in the journal line description.
Assume you are the fiscal manager of a General Fund speedtype and it is June 23. You are expecting invoices worth $1,000 to arrive in the next week before June 30.
- Total Budget: $100,000
- Total Expense at June 23: $93,000
- Anticipated expenses for the final week of June: $1,000
- Total Estimated Expense for the year, (B)+(C): $94,000
- Estimated Budget Balance Available, (A)-(D): $6,000
The $6,000 estimated Budget Balance Available is 6% of the total budget.听The carryforward target of less than one percent of budget equals $1,000. Therefore, you should transfer at least $5,000 ($6,000 - $1,000) to your plant fund.听This will allow you to meet your carryforward target, and the remaining $1,000 will be rolled forward into the next fiscal year.
Compensation budget management
- Salary and benefit budgets should be aligned with estimated actual salary and benefit expenses for the fiscal year.
- General Fund salary and benefits budget amounts should align with each other according to current year fringe benefits rates. Visit this webpage for more information on fringe benefits听rates.
- When converting听non-salary budget to salary budget, the corresponding benefits budget must be converted as well.
- General Fund salary and benefits budgets should be reviewed and adjusted as needed prior to the FYE General Fund continuing BJE cutoff in mid-April, so that necessary increases and decreases can be allocated. Each year in July, BFP manages increases and decreases to continuing benefits budget amounts due to year-on-year changes in fringe benefits rates.
Rate additive budget development and insurance allocation timeline
Each fiscal year, BFP works with rate additive units to develop budgets for the following year, and allocates premiums for General Liability and Property Insurance to campus units. Here is the annual timeline:
- In November, BFP begins collecting relevant data from University Risk Management, the Office of Data Analytics, and other key stakeholders regarding 精品SM在线影片 insurance allocations for the following fiscal year
- In January, budget request templates for the following fiscal year are sent to rate additive units, to be听submitted to BFP in February
- In March, campus units will be notified of General Liability and Property Insurance premium allocations for the following fiscal year
- Annual insurance payments for the new fiscal year will be posted by BFP in July; monthly allocations will be dated the first of each calendar month