Overview

Budgeting is a common best practice and provides important benefits:

• Better aligns resources with strategic priorities

• Supports decisions that achieve the highest and best use of all of our resources

• Enhances our use of data across funding sources to assist with the best allocation decisions

• Improves our understanding of discrete decisions on the broader financial picture

• Engages campus leadership in the budget to help inform decisions at all levels of the university

NC State’s University Strategic Budget Initiative seeks to guide decisions on our budget processes, practices, systems, and tools. Achieving our vision will require a commitment to continuous improvements, building on progress sustained over multiple years.

Vision for NC State’s University Strategic Budget Initiative

• All funding sources are budgeted in the financial system of record (Peoplesoft) at a level that appropriately supports planning and management decisions.

• 5-Year budget plans, including multi-year revenue and expenditure forecasting, are prepared and used to improve long-term planning within the University.

• Standardization of budget processes, chartfield structure, and definitions supports analysis across university divisions while accommodating the needs of individual units.

• Budgeting tools ensure data consistency and help simplify units’ efforts to analyze, project, track, and monitor budget activity.

• The university utilizes budget information to inform funding decisions and proactively respond to changing circumstances.

• NC State’s budget planning and management approach is implemented in a manner that automates production of the All-Funds Budget required by the UNC System Office while focusing on internal management needs.

For more information, please contact University Budget Director, Adam Brueggemann, 919-515-9224, atbruegg@ncsu.edu