Two times per year (Fall, Spring), departments campus-wide submit a financial performance forecast which projects the anticipated revenue/expenses at June 30. The Financial Reporting department then analyzes the data and combines the information for each Responsibility Center on the overall Forecasted Performance to the Budget report.
The Forecasted Performance to Budget report is used as a planning tool in determining how any forecasted positive variance to the budget will be spent or how any forecasted negative variance to the budget will be funded.
The Forecasted Performance to Budget report is shared with the Planning and Priorities Committee which provides input into the use of any forecasted positive variance to budget or funding options for any forecasted negative variance to budget.
In addition, the Forecasted Performance to Budget report is shared with the Board of Trustees which provides insight regarding any forecasted performance variances to budget.
A final Performance to Budget report is done after June 30, which summarizes the actual performance and compares to budget for the fiscal year and also compares the actual performance to the forecasts completed throughout the year to measure the accuracy of the forecasts.