Budget Projection Process

Bryant University undertakes a projection of its revenues, expenditures and capital project expenses twice a year in order to forecast its financial position for its fiscal year end. These projections are provided to the finance committee of the University’s Board of Trustees at its January and May committee meetings.  Such projections enable the University to obtain a better understanding and tracking of revenue and expenditure patterns for current operations and forecast its financial position on a continual current and outgoing fiscal year basis.

Process Overview:

As part of the University’s continuing efforts to accurately forecast its finances, budget managers are requested to provide a projection of departmental revenues, expenditures and capital project expenses (if applicable) for the June 30^th fiscal year-end. The first budget projection cycle occurs in November/December.  During this cycle, only key departments are requested to provide an update for the year-end projections for revenues and expenses based on the format of data presented in the Five-year budget planning model.  Every individual department in the university will not be required to provide their updated projections during this first cycle.

The second budget projection cycle is incorporated within the annual operating budget process. During this process, projection information is included in the online budget module. Current year budget information is populated in the budget module. Budget managers are required to input amounts that they project to be the total year end spending for the current fiscal year

Based on existing revenue and expense patterns, budget managers should make estimates of their year-end revenues and expenses for part-time salaries, recharges, and discretionary expenses.   While developing projections, the effect of any deferment of revenues, prepayment of expenses and year-end accruals of revenues and expenses that would need to be made on June 30^th should be taken into consideration. Also, due to the varying nature of the cycle of operations in each department, the revenues and expenses might not be always incurred on a smooth prorated monthly basis. In the projection section, all revenues and recharge amounts are entered as negative numbers and all salary and expense amounts as positive numbers.

For the budget manager’s reference, within the module, the system shows the prior year’s cumulative budgeted and actual year-end revenues and expenditures incurred by each department by organization number. This section is provided for informational purposes only, to assist budget managers with current fiscal year projections. This area is locked on the system so no inputting of data is allowed.

Please note that even if no changes are projected, the projected column still needs to be filled in and budget managers must return the information to the Budget Department Office as confirmation that budgets will not be overspent by checking the box on the online module. The budget liaison will need to also check their box approving this information which will forward the data electronically to the budget department.