Budget Development - FY23 Projection & FY24 Budget Development

Sep 13, 2026

Uploaded by Mabel

Executive summary outlines goals and structure of the budget development process, including updating FY23 revenue and expense projections, creating a consistent and aligned FY24 budget, and enabling flexibility and easier reporting. The process supports campus stakeholders and ADOF/DOF roles through a strict, collaborative calendar. It specifies budget phases, template distribution and review steps, data aggregation for vertical leaders, identification of gaps and dual funding, and handling revenue uncertainty. Finalization culminates in a locked budget and submission package to the System Office.

LanguageEnglish

CategoryPresentations

FormatPDF

Pages11

Reading Time4 min

AccessFree to download

Executive Summary of Budget Development

Goals of this budget process

Budget Schedule – Phase I

Phase II – Budget Schedule

Supporting Campus Finance Staff

Budget Q&A Drop-in Sessions

Budget Templates

Template A: Operating Expenses

Template B: Personnel Expenses

Executive Summary of Budget Development FY23 Projection & FY24 Budget Development Goals of this budget process • Update FY 23 revenue and expense projections • Develop FY 24 revenue and expense budgets • Create consistency and alignment in the way we budget • Promote greater flexibility and ease of reporting • Support ADOF/DOF in their roles • Honor campus budget development processes Executive Summary • Build Budget where it lives today • 4 Templates: OE, Personnel, Grants, Ed Sales Revenue • Strict Calendar • Enables collaborative, iterative process with Stakeholders • Aggregate data for vertical leader • Identify gaps and dual funding • Uncertainty of Revenue Budget Schedule – Phase I | Friday | 2/24/2023 | Preview Budget Plan & Tentative Calendar | | --- | --- | --- | | Friday | 3/3/2023 | Review Budget Plan, Budget templates and Budget Calendar with colleges | | Monday | 3/6/2023 | Distribute Template A-Operating Expenses | | | | Distribute Template C-Revenue | | Friday | 3/10/2023 | Distribute Template D-Grants | | Friday | 3/17/2023 | Distribute Template B-Personnel Expenses | | Friday | 3/31/2023 | Template A due | | Friday | 4/14/2023 | Template B Due | | | | Template C Due | | | | Template D Due | Phase II – Budget Schedule | 4/3-4/5 | CT State Team reviews Template A-OE to ensure completeness/accuracy | | --- | --- | | 4/5-4/7 | CT State Team to Aggregate and Split Template A into Vertical Areas for review | | 4/10-4/21 | CT State Team to review OE by Org-go to campus with questionscrosscheck with CT State | | 4/24-4/28 | CT State Team to review OE Changes
& Aggregate PS by Vertical Area | | 5/1-5/5 | Cabinet review of Budget | | 5/8-5/11 | Budget Finalization & Review with Stakeholders | | 5/12/2023 | BUDGET LOCKED-no more changes | | 5/19/2023 | Budget package submitted to System Office | Supporting Campus Finance Staff • Simplified templates – different than SO requirements • Templates are pre-populated with YTD FY 23 data, all pivot tables & v-lookups are done • Identified all Banner reports needed • Clear instructions & workbooks • Provided crosswalks and guides on Orgs & accounts • CT State budget team to do “budget upload” • Holding “Office Hours” drop-in meetings • Regina Ferrante (TWR) to assist campuses Budget Q&A Drop-in Sessions | Tuesday | 3/7/2023 | 2:30 – 3:30pm | Budget Q&A: Drop-in Session 1 | | --- | --- | --- | --- | | Friday | 3/10/2023 | 11:00 – 12:00pm | Budget Q&A: Drop-in Session 2 | | Tuesday | 3/14/2023 | 11:30 – 12:30pm | Budget Q&A: Drop-in Session 3 | | Tuesday | 3/21/2023 | 12:30pm – 1:30pm | Budget Q&A: Drop-in Session 4 | | Tuesday | 3/28/2023 | 3:30 – 4:30pm | Budget Q&A: Drop-in Session 5 | Template A: Operating Expenses • If you budget for something in current year – budget for FY 24 • Except for: Institutional Aid Set-Aside & Accreditation Expenses • Budget Constraint: 3% Reduction to FY 23 Midyear Spending Plan net of Institutional Aid & Accreditation Expenses • Discuss special exceptions – Ex TXCC new buildings & maintenance contracts Template A: Operating Expenses • A recommended weekly schedule will be provided: • Week 1:Develop plan for completion, Meet with college leaders • Week 2:Populate current year projection and estimate FY24 budget based on current services • Week 3:Collect budget information from college leaders and consolidate data into the template • Week 4:Review budget for compliance with instructions and review with college management Template B: Personnel Expenses • FT & PT Perm Rosters will be provided (FT Perm, PT Perm, FT Temp) • Colleges to assign each employee to a functional Org using drop down Box • Colleges to confirm roster, provide vacancy information, known retirements, and other changes • Colleges to confirm if the position is funded by OFGF or by Grant (full of partial) • Colleges to confirm any extras that are traditionally budgeted in FT such a

FAQs

What are the main goals of the budget development process?

Update FY23 revenue and expense projections and develop the FY24 revenue and expense budgets. The process also promotes consistency and alignment, greater flexibility, easier reporting, supports ADOF/DOF roles, and honors campus budget development processes.

How does the budget schedule work across phases?

Phase I covers template distribution and due dates for operating expenses, revenue, grants, and personnel expenses. Phase II includes CT State team review and aggregation steps, cabinet review, stakeholder review, budget finalization, a budget lock date, and submission to the System Office.

What is included in the supporting tools for campus finance staff?

The process uses simplified, pre-populated templates with YTD FY23 data, completed pivot tables and v-lookups, identified Banner reports, and clear instructions. It also provides crosswalks and guides for orgs and accounts, supports “budget upload” by the CT State team, and includes office hours drop-in meetings.

Sep 13, 2026

Uploaded by Mabel