The Finance and Business Services Division (F&BS) is responsible for the budget review and reporting cycle.
The budget reviews are conducted after accounting periods 6, 10 and 13 each year. Each ANU budget unit is provided with a narrative template. This template contains questions that address:
- Issues F&BS believe are current;
- Financial information required by F&BS.
This section addresses issues that have an ANU wide effect and provides information to ANU Executive on the impact of these issues at budget unit level. Typical examples include:
- EB Salary increases;
- Building works/building maintenance;
- College structure matters.
This section addresses the financial results of the business unit. Standard areas of interest are:
- Special Purpose (S) Funds: ALL unapproved overspends plus approved overspends >$100,000
- Discretionary (Q) Fund: ALL unapproved overspends plus approved overspends >$100,000
- Discretionary (Q) Fund: Surplus balances >$100,000
- General debtors over 60 days old
- Purchase card transactions (unposted and unreconciled) over 60 days old
- Uncleared advance accounts
The business unit will have approximately two weeks to complete the narrative template. The narrative template once completed is to be signed by the preparer and counter signed by a Council Delegate (i.e. College Dean) and sent to F&BS.
F&BS then conducts site visits over a 3-day period. The budget units are informed well beforehand of the day and time of the meeting. Meetings are scheduled for 30 minutes. Ideally, F&BS would like to see the College Dean, College General Manager, College Finance Manager and other finance staff who are involved in the budget review process, present at the meeting.
If there is a scheduling clash, the budget unit is to inform F&BS immediately so that the meeting can be rescheduled.
The budget review meetings are a good forum for staff to discuss financial issues impacting upon their budget unit. F&BS encourages budget units to be as open and forthright as they can so that F&BS can relay areas of concern to ANU Executive.
Once the budget review meetings have taken place F&BS prepare a consolidated report. This report includes commentary on:
- the financial overview of ANU;
- a general review; and
- emerging issues.
The report is then presented to ANU Executive.