Budget Initialization Overview
What is Budget Initialization?
Budget Initialization is the creation process of Position Budgets for the next Fiscal Year. Before the start of the next fiscal year, Encumbrances and Pre-Encumbrances for the upcoming fiscal year are created using all of the relevant information in the system at that time. Position Budgets are created based on this Encumbrance data.
Timing and Schedule
Budget Initialization occurs immediately after the final appoval of the AMI (Annual Merit Increase) process. This takes place on or around the second week of August. After Budgets are initialized, users have one full week to review and edit all position budgets.
Updated For FY23:
Aug 9 - Deadline for Position Changes (in Peoplesync) related to FY23 Position Budgets
To ensure position budgets by chartfield are as accurate as possible, all Peoplesync updates related to positions should be completed by this date.
Reviewing and updating the essential fields for Fiscal Officers is recommended before this date to ensure both the FY23 encumbrance and FY23 budget amounts will be correct and in sync.
If changes are not loaded before budget initialization, any updates made to positions will need to be performed twice. Once on the position budget (for FY23 Original and Revised Budget) and again on the employee (for FY23 Actuals and Encumbrances)
Aug 12 - Position Encumbrance and Budget Initialization Process
FY23 Encumbrances, Pre-Encumbrances, and Budgets will be created in Peoplesync
FY23 Position Budgets will remain in 'Draft' format for Fiscal Officer review and edits
NOTE: Annual increases related to Local 3882 are not updated as part of the AMI process. Therefore, it is recommended you hold a sufficient amount related to this bargaining unit in a PS-contingency account
Aug 15 - Aug 19 - Position Budget Review and Edit Process
FY23 Position Budgets can be reviewed and edited directly in PeopleSync
If a position budget needs to be removed because the position is ending before September 1, the Budget Office can assist with eliminating the position budget (however you will still need to close out the position itself)
Aug 19 - Aug 22 - Data Migration of Position Budgets to Hyperion
Position Budgets in PeopleSync are moved from 'Draft" status to 'Active' and can no longer be edited after 5pm on Aug 19.
'Proposed' Version in Hyperion is no longer in use. 'Approved' Version becomes the active version of the FY23 Budget by Monday, Aug 22.
'Approved' will now contain PS Budgets in addition to all other revenue and expense categories and will be available for review and edit on Monday, Aug 22.
Aug 22 - Aug 26 - Final Budget Updates and Review Process
Final submissions to the FY23 budgets must be performed at this time in Hyperion in 'Approved'
Any updates to PS Contingency accounts should be made to ensure FY23 PS Budget matches FinPlan.
The Budget Office will be performing a final review to ensure FY23 budgets match approved Financial Plans.
Aug 26 - Sep 1 - FAME Upload Process
'Approved' version can no longer be edited.
FAME Upload Process begins
During this period, successfully uploaded FY23 budgets can be viewed using the UDW Budget Control Report
Aug 31 - Deadline For Re-Orgs, Budget Control (Sub-Dept) Changes
Any requests for Project ReOrgs (Fund 20 and Fund 22) must be submitted by this date to firstname.lastname@example.org. These will be performed by the end of 2nd Close.
Requests for Budget Control changes (Org to Sub-Department relationship) should be submitted by this date.
Budgeting by Employee Type
Only employees in the Position Management Staffing Model are included in the Budget Initialization exercise. Employees in the Job Management Staffing Model should be budgeted at the account-code level (pool budgets) along with your revenue and OTPS submissions.
|Included In Position Management (Position Budgets)||Included in Job Management (Pool Budgets)|
Use of Personnel Contingency
- Upon the completion of the Budget Initialization stages your total PS budget for the accounts above will differ from the amount in your Financial Plan. The balance (positive or negative) should be placed in the appropriate PS Contingency accounts
- Account 51300: Administrative Contingency
- Account 51302: Academic Contingency
- Account 51305: Union Contingency
- Account 56995: Fringe Benefits (Note: Fringe benefits is not automatically calculated on contingency accounts)
Resources and Training
- To review a list of your positions in preparation for Budget Initialization, run the "Filled and Vacant Positions Report with Costing Allocations" in Workday.
- Any of the fields that impact Budgets will be included in this report. Some fields of particular importance are explained in detail on the Essential Fields for Fiscal Officers list.
- The Position Management Reporting page contains a list of reports available to both Finance Excecutives and HR Partners with full descriptions of the data elements contained in each report and when to use them.
- In addition, a comprehensive training for Position Management for both Finance Executives and HR Partners is available in NYU iLearn. Enroll in HRS000: PeopleSync for NYU-NY and scroll down to the Position Management section of the course. Tip Sheets for common actions are also included here.