The Budget Office directs the development of the annual university budget, provides information for internal planning and decision-making, and facilitates the reporting requirements of the university.
Some of our services include:
- Budget development, implementation, and monitoring
- Preparation of the annual operating budget
- Position management
- Assist campus college/unit budget managers
Refer to the sections below for detailed Budget information:
The Budget Process
The operating budget of the University of Arkansas at Little Rock summarizes the financial plans of the institution, serving as a mechanism to compare anticipated and actual revenues and expenditures. The University’s budget is prepared annually covering a fiscal period from July 1st to June 30th and is named according to the calendar year in which it ends. Approval for the operating budget is obtained prior to the start of the fiscal year from the University Of Arkansas Board Of Trustees.
The UA Little Rock budget is based upon projected revenues from various sources, inclusive of the funds received from State Appropriations, Student Tuition and Fees, and auxiliary revenues. Auxiliary revenues primarily include Athletics, Housing/Food Services, and the Bookstore. These revenue projections are made in accordance with the UA Little Rock Annual Process for Projecting Revenues for all Fund Groups.
In preparing the fiscal year budget, departmental budget officers are given guidelines and instructions provided by the Budget Office. These guidelines and instructions include timelines for completion, how to access reports for historical trend analysis, and key assumptions to be used in preparing the departmental budget. Departmental budgets are returned to the Budget Office for consolidation into one, all-funds proposed operating budget for the University of Arkansas at Little Rock.
The proposed operating budget is submitted to the President of the University of Arkansas System for review and scheduling of budget hearings. Upon completion of the budget hearing with the President, the budget is then sent to the Board of Trustees for review and approval. Upon approval by the Board of Trustees, the approved budget is uploaded into the general ledger, locked down from being modified, published, and distributed to the campus.
Budget Management
The University’s fiscal policy requires that funds are available before approval can be granted for any expenditure. Approved budgets establish the expenditure control limits for each functional category. On July 1, each department’s approved operating budget is loaded into a unique set of work tags, identifying the:
- Fund: Tracks the type of money, e.g., E&G, Auxiliary, Designated, Restricted, Plant, etc;
- Cost Center: Identifies the Department and mirrors the organizational structure of UA Little Rock;
- Account: Categorizes what it is, e.g., tuition revenue, salary expenses, supplies, etc;
- NACUBO Code: Identifies why we do it, e.g., instruction, research, public service, etc;
- Spend or Revenue category: identifies the type of spending within each account;
- Program, Grant, Gift, Designated, and Site: optional work tags.
Accounts are budgeted in the following categories:
COMPENSATION: UA Little Rock utilizes position control to track approved salaries and wages for employees consistent with the state appropriation for the maximum number of employees and maximum salary rate for each fiscal year. Fringe Benefits are calculated centrally and are based on actual benefits being paid during the current fiscal year at the beginning of the budget process. The financial compensation budget is initially based on the related position and unallocated (pooled labor) budgets.
SUPPLIES & SERVICES: Budget associated with non-salary or fringe-related expenses such as travel and supplies. These are budgeted at a pooled level but expended in the appropriate account to identify what the expense is for.
SCHOLARSHIPS: All student awards should be budgeted here.
TRANSFERS IN OR OUT: Any funding that will be moved to or from a different fund should be budgeted in the transfer accounts.
Budget Revisions
During the fiscal year, budget officers may submit requests for revisions to the department’s operating budget to effect the transfer of budget amounts between cost centers within the same fund for the Supplies & Services group of accounts. These must be approved by the Department Dean and the Associate Vice Chancellor of Budgeting & Financial Analysis. Budget dollars may not be transferred between the Supplies & Services group of accounts and the Compensation group of accounts, although in special circumstances, such may be approved by the Chancellor and Cabinet. Budget officers may also submit requests for revisions to the position budget for positions or compensation changes that have been approved by the Department Dean, Human Resources, the Vice Chancellor of Finance and Administration, the Budgeting Office, and the Chancellor. New positions will require Cabinet approval.
Supplies & Services: Budget officers may move funding within the same fund for Supplies & Services related items between cost centers or accounts. Budget officers may move budgets within the Supplies & Services account group but are prohibited from using accounts related to Compensation. Budget modification requests must be submitted on the Budget Amendment Request form with the related approvals. The amendment must be approved by the Dean and the Budget Office. Requests exceeding pre-set limits may need approval by the Vice Chancellor of Finance & Administration. No changes will be made to the financial budget for Compensation, Revenue, or Scholarship account groups or to the overall total of the Supplies & Services account group. The variances between actual and budgeted results will serve to inform Budget officers of necessary modifications to the budget for the following fiscal year.
Changes to Overall Financial Budget: In the event the operating budget must be changed, such changes must be approved by the Vice Chancellor of Finance & Administration and submitted to the System Office on the related Quarterly Report with an explanation of the need for the change. These amendments are subject to rejection by the System Office.
Position Related Amendments: Requests for revisions to the department’s position budget must be submitted on the Position Budget Amendment Request form. Changes in compensation must be approved by the Dean, Human Resources, the Budget Office, the Vice Chancellor of Finance & Administration, and the Chancellor. New position requests also require the approval of the Cabinet.
PLEASE NOTE: Budgets for Grants and Contracts are handled by the Grant Manager but are included in the overall financial budget for the University in the Restricted Funds.
Projecting Revenues
Download the following document: University of Arkansas at Little Rock – Annual Process for Projecting Revenues for all Fund Groups
Budget Guidelines and Instructions
The budget build process for the university is inclusive of all funds groups you plan to utilize during the next fiscal year including Educational & General (E&G), Auxiliary, Designated, Restricted, Plant funds, and any Foundation funds you deposit at the University. Departments are responsible for building the budget for all of these funds in coordination with grant managers and the Budget Office. Though most funds operate in a very similar manner, there are slight differences in how they should be treated for budgetary purposes. Thus, these instructions are outlined by the fund group with specific details for each group.
Download the following document: Budget Guidelines and Instructions
PLEASE NOTE: Please remember to submit your budget pages through your respective Budget Accountant.