Finance - Planning Budgeting
The CUNYfirst Planning and Budgeting Module focuses on the advanced Financial planning activities that prepare the university and our colleges for the upcoming fiscal cycles.
The goal for Planning and Budgeting is to create integrated, uniform seamless budget, planning and forecasting processes to be used across CUNY, and to incorporate campus processes, documentation requirements, compliance with laws and regulations, workflow and reporting needs.
Planning and Budgeting Terms:
EPM - Enterprise Performance Management – The database that holds PeopleSoft Planning & Budgeting 9.0 information.
Budget Development – The annual process, in EPM, where organizations develop spending and revenue projections for the next fiscal year. When adopted and finalized, budgets are exported to Financials and posted to Commitment Control.
ETL – Extract, Transform & Load – The process by which Financials and HCM data is transferred into the EPM database. ETL’s are also used to transfer completed budget data back to Financials and HCM.
Budget Activities – Determine budget development approaches: Line Item, Position, and Asset Activities.
Target Setting – High level top down Line Item Activity used to set the limits for Budget Development.
Line Item Activity – Mostly referred to as Bottom Up Budgeting. Budget is prepared by business unit, account, department, fund and other chartfields as needed.
Position Budgeting – Prepare salaries, earnings and benefits budgets for positions and employees. These budget amounts are inserted into the Line Item Budgeting activity.
Forecasting – Line Item Budgeting that allows multiple years and future periods to be open for projecting spending and revenue.
Asset Budgeting – Prepare budget based on assets and asset categories. The asset and depreciation budget amounts related to the assets are calculated and can be inserted to the Line Item activity.