Budget Office General Information
Budget Process
The Budget process at OUHSC (HSC) is continual throughout the fiscal year.In July, the Budget Office starts completing analysis of various revenue and expense changes that it expects for the following fiscal year.Also beginning in July, the Budget Office begins keeping a list of potential commitments and needs of the HSC.
In January, the HSC Budget Committee with representatives from Provost Office, Accounting, Operations, and the Budget Office begin having budget meetings with colleges, the major centers on campus, research administration and other areas as needed.During these meetings, the Budget Committee and the colleges/departments review information such as a college’s proforma income statement, a list of reserves, report of enrollment trends and a prioritized list of proposed budget needs.
Throughout the Spring, the HSC Budget Committee and the Budget Office continue to have meetings to discuss the HSC Budget. The Budget Office, using certain assumptions regarding state appropriations levels for the upcoming year, provide a State target funding figure to colleges and departments.The Colleges and departments have the ability to reallocate funding within their departments, modify position distributions, and budget for salary increases. The Budget Office schedules a budgeting window in our new budgeting system, which is known as the Adaptive Planning System (“Adaptive”). In Adaptive, departments can begin the building process and also to incorporate any increases that might be associated with budget needs approved by the Budget Committee.
The Budget Office balances and finalizes the HSC budget in late May after the Legislature has approved the final state funding allocation to all higher education institutions. In early June, the institutional operating budget is released to the OU Executive Officers, the OU Regents, and the Oklahoma State Regents for Higher Education, with final approval of the budget by the State Regents in late June.
Budget construction takes place in Adaptive, with PeopleSoft remaining as the institution's system of record. The budget is loaded into PeopleSoft by July 1, after which departments may begin entering mid-year budget revision. PeopleSoft data is then fed back into Adaptive on daily and monthly basis for departmental analysis and reporting, as departments engage in budget maintenance.
Operating Budget Timetable
July - April
Budget Office starts completing analysis of various revenue and expense changes that it expects for the following fiscal year.The Budget Office also begins keeping a list of potential commitments and needs of the HSC for the upcoming fiscal year.
January - May
The HSC Budget Committee with representatives from Provost Office, Accounting, Operations, and the Budget Office begin having Budget meetings with colleges, the major centers on campus, research administration and other areas as needed.The Budget Office, using certain assumptions regarding state appropriations levels for the upcoming year, provide a State target funding figure to colleges and departments.The Budget Office schedules a budgeting window in the budgeting system and colleges and departments enter their budgets.
Last Friday in May
Legislature adjourns; final allocation to higher education is approved.
Early June
Budget allocation provided by State Regents to institutions. HSC Budget Committee approves final college and department budgets.
Mid June
Operating budget detail and summaries, possible salary recommendations, and capital budget mailed to the University Regents for review at the June Regents meeting. The Budget Office prepares separate schedules and the operating budget detail for the State Regents' Office.
Late June
Review and approval by OU Regents and Oklahoma State Regents for Higher Education.