Financial Planning and Reporting


Financial Planning and Reporting is supported by the Planning and Analysis and Financial Reporting teams.

The Planning and Analysis team is responsible for budgeting and forecasting, and the Financial Reporting team is responsible for in-year reporting and for preparing the University's Financial Statements.

Both teams support departments with planning, managing, and reporting on departmental budgets.

Budgeting and forecasting

The University budgeting process begins in April, before the start of the financial year, and the budget is sent to Council for approval in June.

During the year, departments are asked to produce forecasts of their expected full year income and expenditure. The forecasts are based on the actual quarterly results to 31 October, 31 January and 30 April. The most detailed forecast is carried out in February (based on the January figures) and the figures for this forecast become the starting point for the budget for the following year.

For further information on the Planning and Budgeting Process, please refer to the Budgeting Process guidance page.

Budgeting and Forecasting Tool

For several months a team from the Finance Division has been working closely with the DFCs and some departmental users to develop a new Budgeting and Forecasting Tool.  This will provide a more flexible, robust and streamlined solution than the existing Excel-based templates and will also include payroll forecasting. Go Live is currently scheduled for November 2016.

Reporting

University Departments should review their income and expenditure accounts on a monthly basis. The Financial Reporting team send out income and expenditure reports to each department every month to facilitate this. The Managing Budgets, Forecasts and Reporting process includes a section on month-end reporting. This is designed to provide significant support to departments in completing this task.

Additional information on recommended monthly reports can be found in the Reports Library. The Financial Reporting team produce quarterly reports on the income and expenditure for the University, for the Planning and Resource Allocation Committee (PRAC).