7.01 Budget Overview

last updated: 10/01/2011
Purpose: To provide an explanation of budget terminology and concepts.
Policy Owner: Financial Management
   
The Budget Office is responsible for establishing budget and approving budget changes for local and state accounts. Sponsored project account budgets must be developed and maintained in accordance with sponsor guidelines as outlined in the Sponsored Project Agreement, and are monitored by the Sponsored Projects Services.

Definitions

  1. Budget: A plan of financial information which provides an estimate of proposed revenues or expenditures for a given period.

  2. Budget Transfer: A movement of budget authorization from one account/sub-account/object code/sub-object code combination to another.

  3. Budget Revision: An increase or decrease to the amount budgeted that does not affect another account.

  4. Original Budget: An amount initially budgeted to an account.

  5. Permanent Budget Change: A budget revision or transfer transfer that adjusts the base budget for the next fiscal year. An example of a permanent budget change is the annualized transfer of funds to cover an increase to an employee's salary.

  6. Temporary Budget Change: A budget revision or transfer that affects only the budget for the current fiscal year. An example of a temporary budget change is the transfer of Personal Services funds to Operations to hire a temporary employee from an outside service, such as Kelly Services, when a regular position is vacant.
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maintained by: Amy Hoeft
last reviewed: 10/01/11