Introduction to Tax Levy Budgeting and Financial Reporting

1
Introduction to Tax Levy Budgeting
and Financial Reporting

• all about your budget and how to manage it

2
Training Goals

• What is a budget?
• What is the tax levy budget?
• What expense categories make up a tax levy
  budget?
• Which offices on campus should departments work
  with to manage their budgets?
• What reports are available to help departments
  manage their budgets?

3
Budget Terms

• Fiscal Year The 12 month period for which the
  budget is applicable. For Brooklyn College this
  is July 1 through June 30.
• Budget The total amount of funds for the
  fiscal year

4
Budget Terms

• OTPS Other Than Personnel Services
• MTD (month-to-date) Bills that have been paid
  during the month
• YTD (year-to-date) Bills that have been paid
  during the fiscal year (including MTD)

5
Budget Terms

• Open Encumbrance Current commitments that have
  not been paid as of yet.
• Available Balance Available balance Budget
  (minus) year to date expenditures (minus) open
  encumbrances

6
What is a budget?

• A budget represents funds available to be spent.
• A budget is increased if new funds are
  transferred in from another account or expense
  category.
• A budget is decreased if funds are transferred
  out, spent to pay staff, or to purchase goods or
  services.

7
Tax Levy Funds

• The tax levy budget is the primary operating
  budget of the College.
• Funds come from tuition paid by students and from
  New York State aid.
• The total College tax levy budget exceeds 80
  million.
• Transactions must comply with State and CUNY
  guidelines.

8
Budget Timeline

• July 1 Fiscal year officially begins
• September 1 Operational budgets are finalized
  and notification sent to departments
• June 30 Fiscal year officially ends

9
Tax Levy Expense Categories

• Full-time Personnel
• Graduate Assistants
• Teaching Adjuncts
• Temporary Services and Non-Teaching Adjuncts
• OTPS
• Postage
• Xerox

10
Finance and Budget Offices

• Office of the AVP Alan Gilbert, ext. 5102
• Financial Reporting Lisa DeStefano, ext. 5009
• Budget Diane Oquendo, ext. 5038

11
Finance and Budget Offices

• Purchasing Patrick Croff, ext. 5133
• Contracting Norman Goldner, ext. 5038
• Accounts Payable Jacqueline Galang, ext. 5421

12
Finance and Budget Offices

• Administrative Support Services Madonna
  Charles-Johnson, ext. 4443
• Auxiliary and Fiscal Services Andrew Steketee,
  ext. 3190
• Tax Levy Budget Reports tlbr_at_brooklyn.cuny.edu

13
Budget Reports

• OTPS, Temporary Services, and Postage
  ReportsThese reports enable a department to see
  their current budget in each expense category,
  and expenses and other commitments applied
  against the departments budget.

14
Budget Reports

• Sample OTPS Report

15
The Keys to Success

• Understanding the budget process.
• Managing transfers and purchases effectively.
• Using the reports to track activity.
• Using the Finance and Budget Departments as a
  resource for planning and decision making.