Process summary

Identified below are the key activities required to follow the Managing Budgets, Forecasts and Reporting process.

Manage budgets

High-level budget projections made at divisional level to set budget targets. Budget landscape sent to PRAC in February each year for consideration.
Departments complete budget template and submit to division as per divisional timetable. Submissions reviewed and discussed with departments during May/June.
July - budgets uploaded onto Oracle Financials by Divisional Financial Controllers.
Planning and Analysis Team carries out budget reconciliation to ensure that Oracle Financials and the budget book agree.

Any outstanding transactions must be processed prior to month-end.
Run month-end reports and identify accruals.
Month-end close carried out by the Financial Reporting Team.
Income & Expenditure (I&E) reports must be reviewed and any major errors flagged to Divisional Financial Controllers.
Month-end reconciliation carried out within the Finance Division to ensure accuracy of balance sheet data.

Follow the month-end reporting process as above.
Quarterly trusts pool income posted onto Oracle Financials by the Finance Division.
Quarterly results generated by Financial Reporting and issued to Divisional Financial Controllers to discuss with departments.

Quarterly forecasts carried out at divisional level, with departmental input as required.
Review of forecast carried out by Divisional Head and Divisional Financial Controller. This may require rework prior to submission to the Finance Division.
Further central review of forecasts is carried out prior to submission to PRAC. PRAC-approved forecasts are then loaded onto Oracle Financials by the Divisional Financial Controllers.