Budget Amounts Listed on Management Reports
In connection with the implementation of the VISION budget system, budget amounts on monthly Management Reports may reflect budgeted amounts through the current month as opposed to an annual amount. This is a change from prior year reports where an annual budget amount was listed for all Activities.
Budget amounts for Activities in Funds other than 1001 will show a budgeted amount equal to the amount budgeted through the current month (fiscal year-to-date). If you submitted monthly budget amounts through the VISION system this will reflect the amount you budgeted for each month. If you submitted an annual budget amount then the monthly budget amount will be calculated by dividing the annual amount by 12.
For all Activities in Fund 1001, the budget amount shown on the Management Reports will be an annual amount.
Related to this change is the introduction of a new “Monthly Variance Report” which is available as one of the report options if you are using the online Management Reports. This report will show the budget amount and revenue/expense for the current month, the fiscal year-to-date, and the total budget amount for the entire year. This report can be a valuable tool to assist you in tracking your revenue and expenses compared to your budgeted amounts throughout the year.
If you have questions regarding the budget amount printed on your monthly Management Reports please contact the Budget Office. (Sandy Hughes, 581-6455 or Mark Winter, 585-3982).