Policy
It is the responsibility of Budget Officers to create annual budgets, ensure overdrafts do not occur in the budget accounts for which they are responsible, and maintain/adjust budgets accordingly.
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Creation of Annual Budgets
Budget Officers should analyze existing budgets and trends, assess and plan for future needs, and set opening budgets that align with the goals of the department and University for the coming fiscal year. Each spring, the Budget Office works with Budget Officers to establish opening budgets that align with expected expenditures. -
Maintain/Adjust Budgets
Once annual budgets are set, Budget Officers are responsible for maintaining budgets, and when necessary, adjusting budgets to align with expected or realized expenditures in accordance with fund guidelines. If an account remains overdrawn at year end, the Budget Office will notify the Budget Officer to rectify the overdrawn account prior to fiscal year close of the financial system.