Budget and Reporting
The preparation of the University’s budget is the biggest key to its success. It
forces management to set short term and long term goals that the entire institution
must meet by working together as a team. The comparison of the budgeted operations
with the actual results makes it possible to review management and the institution’s
performance at all levels. We also use the budget as a communication tool with the
Board and the general public to describe how the University is funded and where the
institution spends its funds, both from an object of expense perspective and from a
program classification perspective.
Budgets are a core component of the PS General Ledger. Budgets are a means of forecasting
future results of operations and financial position for institutional planning purposes based
on known and estimated values and events. Budgets can be as detailed or as simple as your
needs demand. In addition, budgets also help us improve the accuracy of our actual
revenue and expenditure data by identifying transactions that are in error.
This access allows you to run financial reports tailored to fit your needs using elements
of the chart field string such as DeptID, Fund, Program, etc. The following reports are available:
- Budget Variance-Summary of Budgeted revenues and expenditures compared to actuals.
- Income Statement-Detail and summary reports of actual revenue and expenditures.
- Balance Sheet-Report on assets and liabilities.
- Grant reporting interface