Since our last update, Planning and Budgeting Committee (PBC) have endorsed Principles to guide the development of the new University Financial Planning Model.
We are currently working with PBC on the Budget Model to be used in the 2013 Budget process. The main pillars of the proposed 2013 Budget Model include:
- Budgeting Gross Revenue in the area it is earned;
- Faculties and Divisional Budgets built by the area and submitted to PBC for approval;.
- PBC approved Key Performance Indicators (KPIs) used to guide the Faculties and Divisions in building their budgets to ensure University wide KPIs are met.
Workshops have been held with members of PBC and Finance Managers to refine the Faculty and Divisional KPIs governing the model and to work though templates to be used to build Faculty and Divisional Budgets. It is anticipated that full implementation of the UFPM will be staged over 2 years, with the 2013 Budget model further refined in the lead up to the 2014 Budget process.
After approval by PBC, University wide communication will follow providing further detail about the 2013 Model. For queries about the 2013 Budget Process within your School or Branch, please contact your Finance Manager.