University of Massachusetts Boston F&A Advisory Group Planning & Budgeting Update Mar 2015 Office of Budget & Financial Planning

Strategic planning Financial & capital planning Annual budget Budget execution Outcomes Planning & Boston

Strategic planning Identify investments needed to realize strategic goals Outline execution strategy – resources & timeframe Jan –Mar Financial & capital planning Quantify financial parameters (sources and uses of funds) Identify fixed costs (debt, compensation) vs discretionary new resources Mar–Jun Annual budget First “slice” of the multi-year plan, updated for new information Quantified action plan for next 12 months Jul –Jun Budget execution Allocation of budget authorization Reporting (actual vs budget) Monitoring compliance Outcomes Identify metrics of success Quantify results (invest, subsidize, or disinvest) Planning & Boston Page 5

Opportunities Financial & capital planning identify “fixed” costs outline parameters of opportunity & challenges integrate plans across VC areas Annual budget (should be) first slice of multi-year plan, updated for new information done on time Budget execution capacity to execute reallocate existing resources position management

Schedule for Annual Budget Feb/early Markick-off meetings with VC areas Mar/AprVC area budget development Apr 30completed VC budget requests Mayto VCs (information, input) to Chris, Provost, Ellen for final recommendations Early Junfinal recommendations to Chancellor

Themes for FY16 Building a stable and sustainable process going forward Expanding the process to be more transparent and inclusive Agreement on the numbers Done! Focus on opportunities to reallocate existing budget authorization