The ANU Financial Planning Model project aims to improve efficiency and effectiveness of the current systems for financial planning and budgeting.
What are we trying to achieve?
The project aims to deliver:
- increased data integrity levels
- automated business processes
- accessibility and transparency of the information to a wide range of relevant staff
- flexibility for growth in the functionality of the business model and technical support tool.
It is expected TM1 will be the key system used for all of the project deliverables.
The project will have a number of key Phases including:
- Transition the University level Recurrent Income Allocation Model from the current Excel based 'University Allocation Model' to TM1 automation (completed).
- Improve functionality of the Salaries and Operating Expenditure modules, and improve performance issues of these modules.
- Transition the College level Recurrent Income Allocation Models from the current Excel based approaches to TM1 automation; and build RBG to AOU level for both College and University levels.
- Build the Forecasting module into TM1 to enable business areas to use Phases 1, 2 and 3 data elements in forecasting activities.
- Build enhanced functionality and calculation sophistication to enable the University Projection Model to be integrated into the TM1 University Budget model.
Phase 1 - delivering improved services
In July 2014, phase 1 of the project has delivered the University level Recurrent Income Allocation modelling within the TM1 tool. This means that the manual Excel work of previous years and manual production of Budget Advice Sheets (BAS) has been replaced with automated functionality around revenue stream modelling and automated summary of BAS reports.
The benefits that automation of the Income Allocation Model include:
- versioning I snapshotting of various budget parameters can be modelled in real time
- summary and BAS reports will be generated in real time and available immediately
- provision for enhancement to the model over the coming years.
- ability to look into student load and research block grant modelling as they develop over the coming year.
Phase 2 is now underway and being managed by Finance & Business Services and focusses on developing the Research Block Grant model and the College level Income Allocation Model into TM1.
F&BS will work with Colleges and Service Divisions directly on business requirements and testing.