The HLS Budgeting process runs annually, beginning in early November. During the budgeting process, each department, clinic and research program submits an updated forecast for the current fiscal year (July 1 – June 30), along with a new budget for the following fiscal year. All administrative departments and clinics will submit an executive summary with highlights of their submission, including details of any requests for additional funding.
A Typical Budget Cycle Timeline
- Early November: Budget process kicks off, with guidance on key University and HLS factors (fringe rates, assessments, endowment, budget target increases, etc.). All departments are provided with a customized Excel template to use in the budgeting process.
- November – December: Departments budget for all non-personnel expenses (including staff-related expenses except for exempt and union salary amounts). Administrative departments and clinics are provided with their annual expense “target” of HLS funding. Those departments can budget up to this amount for all non-personnel expenses.
- Late December: Populated Excel templates are submitted to HLS Finance Office by all departments.
- January: Executive Summaries and any budget requests are submitted to HLS Finance Office by administrative departments and clinics.
- February: Estimated Exempt and Union salary information is added to the budget for the following year. Budget meetings for individual departments are held with the Administrative Dean and/or CFO if appropriate.
- Late March / April: Final decisions are made on any budget requests for additional funding.
- Late June: Budgets for the following year are finalized once salary amounts are finalized. Departments are notified of their final budget figures.
Research programs submit annual budgets and may have annual year-end review meetings with HLS leadership each fall. We will provide year-end financial reports for your review in preparation for these meetings.
Monitor Your Budget
It is a good idea to familiarize yourself with your annual budget so that you can see precisely where funds are available and the full 33-digit coding necessary to ensure that income and expenses are directed to and from the appropriate accounts.
Run one of the available budget reports in the Harvard Analytics and Reporting Tool (HART) to track income and expenses throughout the year. Here is an example of a Budget and Actuals Comparison report in HART:
|Tub||Object Name||Object||FY18 Actual ($)||FY19 Operating ($)||FY19 Actual ($)||$ Variance FY19 YTD Actual vs FY19 Operating||% Variance FY19 YTD Actual vs FY19 Operating|
|265||Food+Nonalcoholic Beverages, GENERAL||6570||(12)||0||0|
|265||Nonlibrary Books+Reprints+Subscriptions, GENERAL||6630||513||355||0||355||100.0|
|265||Office Supplies+Materials, GENERAL||6640||440||1,000||0||1,000||100.0|
|265||Photography, Printing+Reprographics Supplies+Materials, GENERAL||6650||45||0||0|
|265||Computer Supplies+Materials, GENERAL||6660||102||510||0||510||100.0|
Help with Budgets
For questions on any budgeting matters, contact: