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.
For 2011/12, Council has approved the total budgeted income of £974m, which represents forecast growth of 5% over 2010/11. The budgeted surplus is £22.5m, compared with the 2010/11 budgeted surplus of £0.3m. This is mainly due to savings made across the divisions and services.
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.
- Budgeting for 2013/14 Guidance Notes
(409kb) (Updated 25 February 2013) - Utility Price Changes for 13/14 (267kb) (Updated 13 March 2013)
- Guidance on Use of Pay Schedules For Budgeting 2013
(23kb)(Updated 25 February 2013) - Finance Briefing presentation 2013
(283kb) (Updated 25 April 2013)
For further information on the Planning and Budgeting Process for 2012/13 and beyond please refer to the New Budgeting Process guidance page (last updated 16 October 2012).
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).