Quarterly Forecasts

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Produce forecast

At quarterly intervals, divisions and services are required to carry out a review of their actual income and expenditure against budget. Departments should support this process as advised by their Divisional Financial Controller. The revised income and expenditure should be recorded as a forecast and corrective action should be taken if the forecast shows a position worse than the budget.

Divisional review

The Divisional Head and the Divisional Financial Controller will review the forecast and may request rework to make the forecast acceptable, before it is submitted as a divisional report to the Finance Division for review.

Central review

The Head of Financial Planning and Analysis will review the divisional results and provide a consolidated commentary.

A final review is undertaken by the Pro-Vice-Chancellor (Planning and Resources) with the division/service heads before submission to PRAC.

As with budgets, forecasts (once approved by PRAC) are uploaded onto Oracle Financials by the Divisional Financial Controllers.

Related links

TRAC

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