Finance Forum Presentation - Budget

The Budget Management Office gave a presentation that covered AACP Modules 11.1 Budget Process, 11.2 Equipment Requests, 11.3 Budget Initiatives, and 11.4 Budget Revisions. The Budget Management Office works in the planning, development, and implementation of the university’s annual operating budget, assessing resources, and to disseminate information to the university community. Cynthia Page, Budget Director, briefly defined a budget as a management tool that is summarized by the estimated revenues and expenditures and is a plan of action expressed in terms of money. An operating budget is all revenues and expenditures used for day-to-day operations, usually lasting one year. JMU’s operating budgets consist of E&G, Auxiliaries, and others. Cynthia also gave a brief overview of how JMU’s budget process begins in Richmond with the state legislature and the governor and continues here on campus with the Budget Management Office, Senior University Management, and department heads. Jason McClain, Assistant Budget Director, spoke on the budget revision process and when to use a budget revision versus an Agency Transaction Voucher (ATV). Several dos and don’ts regarding the budget revision process include:

• Do not transfer funds between E & G and Auxiliaries
• Do not transfer from FT salary to NPS
• Do not transfer from wage/PT to FT salary on a permanent basis
• Do not spend position savings – hire under budget situations
• Do transfer within NPS as needed
• Do record recoveries

For more information, you can visit: http://www.jmu.edu/budgetmgmt/.