BUDGET ANALYSIS

Who to Contact:

Sam Fucile

Carriage 2

Telephone:  428-2386

Fax:  428-2421

E-mail: sfucile@nec.edu

1. How are budgets established?

There are three major budget components:  Capital Expenditures, New Personnel including Faculty and Staff, and Operating Expenses. Deans and directors submit requests for operating expenses and new personnel.  The Director of Campus Operations will collaborate with Vice Presidents and Budget Officers to determine needs for building improvements. IT meets with each area to coordinate software and hardware requests, upgrades, and renewals. Other equipment requests are submitted by Deans and directors.

2. How are budgets monitored?

Budget Officers are proactive in reviewing budgets compared to actual spending to date. The finance departments will begin to hold quarterly one-on-one budget meetings upon request.

3. How is budget information made available?

Weekly budget reports are e-mailed to Budget Officers.

4. How do I obtain access to Banner?

The Finance Office sets up access with approval from the Dean and directors. IT establishes Banner logins.

5. How do I reallocate funds with my approved budget?

The Budget Officer is allowed to transfer funds within their own budget and submit requests to the budget analyst.

6. What are the responsibilities of the Budget Officer?

The duties and responsibilities of the Budget Officer include providing daily oversight on how the funds are spent and managed. This oversight includes ensuring funds are budgeted, where appropriate, that they are spent according to fiscal policy, and that funds are spent in alignment with the account purpose.  Signature authority on all budget transactions rests with the Budget Officer, and the Budget Officer is the only person who can delegate signature authority on an account. The Account Manager is authorized to spend funds appropriated to his/her department up to the approved budget limit. No more than one-third of the funds appropriated for the fiscal year are to be expended during the last quarter of any fiscal year.  The Account Manager is expected to plan all expenditures necessary to carry out the department's operation for the fiscal year, July 1 to June 30. Funds appropriated for the current year's budget may not be used for any other period. Extenuating circumstances may necessitate exceptions. Such exceptions must have written approval of the Vice President of Finance prior to the expenditure of funds.

7. What is the difference between a budget transfer and a journal entry?
A budget transfer takes place before an expense is charged. If there is excess budget in one object code it can be moved to another that may need the extra funds. A journal entry is used to correct the coding of an expense that has already been processed, but charged to an incorrect account number.

8. Who do I contact if a charge should be moved to the correct account number (journal entry)?

Please e-mail Sam Fucile at sfucile@nec.edu, with the correct information to be corrected.