The Budget Office is responsible for providing effective and efficient resource allocation and monitoring services, planning and policy development ideas, and special project coordination services to further advance the strategic goals and objectives of the University.
The Budget Process
University policy requires review and approval by the Board of Regents of all University budgeted funds. The budget process is divided into three distinct phases:
The purpose of the Preliminary phase is to establish the reference point within the current budget year against which the proposed budget for the next year will be measured. This phase is executed late March and early April and deals solely with the personnel budget. Any pay raises that may be proposed for the new budget year in the Proposed phase will be measured against the information established during this Preliminary phase. In this phase, actual position, employee, and salary/wage data are loaded into the Budget Formulation System from the March payroll. Verification worksheets are run and distributed to departments; departments are requested to verify the accuracy of the information and notify the Budget Office/Human Resources of any discrepancies.
The purpose of the second phase is to finalize the entire OUHSC budget for the next year. The Proposed phase is executed mid May through early June. State Appropriated budget amounts are approved by the Oklahoma State Regents for Higher Education on the last legislative Friday in May and forwarded to the Institutions. The OUHSC Provost then generates State Appropriated fund target letters to each college and administrative area. Departments may propose compensation increases/decreases, and if approved by the Board of Regents, they will not require paper work. The amount and percent of the increases/decreases are based on the information established during the first phase (Preliminary). All operating expenses budgets (except SPNSR) for appropriated and non-appropriated funds are finalized during the Proposed phase.
Once the Proposed phase is complete, the Budget Office reviews the data entry to ensure the total state budget is in agreement with the targets distributed from the Provost, as well as reviewing all other budgets for reasonableness. In addition to other reports, the Budget Book is printed and distributed to both the Oklahoma State Regents for Higher Education and the University Regents. Personnel information from the Budget Formulation System is rolled in the HR system and July 1 pay data is created. All changes are effective upon the approval of the Regents. Finally, all information from the Budget Formulation System is summed at defined levels and rolled into the General Ledger system. All budgets for the next fiscal year, except for SPNSR fund operating expense budgets, are then established. Budgets for operating expenses for the SPNSR fund are established by Grants and Contracts Accounting at the time the award is established.
April -- Departments work on preliminary site of budget.
May -- Budget System is populated with information from the Human Resources System; Budget training; Departments begin working on the proposed budget.
Late May -- HSC receives State Allocation; Target letters are distributed to Deans.
Early June -- Budgets are finalized and submitted to the Oklahoma State Regents for Higher Education as well as the OU Board of Regents.
Late June -- Human Resources and General Ledger are updated based on budgeted information.