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Managing Department Budgets

At Santa Clara University, department budgets are finalized by June 30th of the previous fiscal year and are not eligible to be changed until the next fiscal year.  This means that monitoring actual performance against budgets can be critical to understanding year end results.  The one characteristic that all department budgets have in common is that we know what actually happens during the year will be slightly different.  Budgets are itemized by account down to the department level within PeopleSoft.  Where departments have a need to further sub-divide their budgets into activity or class it is recommended to keep a separate document detailing that level of roll-up.

The University Budget Office uses 2 systems for reporting on budget to actual transactions.  That said, the preferred system, PeopleSoft Financials, provides several reports budget managers can use to check in on the status of the department's budget to actual performance that are described further in the Reporting & Analysis section.  It is recommended that budget managers review budget to actual performance at least 4 times a year - once per quarter.  However, for areas of the University who have a large volume of financial activity it is recommended to review transactions on a monthly basis.  

Wordmap infographic showing account names proportional to their % of total actual