The University Budget Office has provided the following budget updates for the 2023-2024 year. The below changes are effective 7/1/2023 and will impact budget management. Please review this summary and direct any related questions to a member of the Budget Office staff.
1. The OMNI Departments Policy has been updated. Of particular significance:
- There is now a process to inactivate OMNI departments that are no longer required. (See II.A.8.)
- The minimum annual revenue required to establish and maintain an Auxiliary or Designated department will be reduced from $10,000 to $5,000. (See II. C. 1. a. and II. D. 1. a.)
- There will be changes to the management of overhead department funds. (See II. D. 3.) Personnel listed in impacted departments will receive a more detailed communication on this later today.
2. For budgetary purposes, there will no longer be a distinction between A&P and USPS staff wages and benefits.
- Budgetary account 710300 (currently “Budget A&P”) will be retitled “Budget Staff” and budgetary account 710399 (currently “Budget A&P Benefits”) will be retitled “Budget Staff Benefits.”
- Budgetary account 710400 (currently “Budget USPS”) and budgetary account 710499 (currently “Budget USPS Benefits”) will no longer be used.
- Fiscal year 2023-2024 budgets entered in ADP for 710400 and 710499 will be redirected to 710300 and 710399 as appropriate in OMNI.
- Related USPS general ledger accounts will remain unaltered but will be redirected to roll up to 710300 and 710399 as appropriate.
3. Per new legislation passed this spring (pending the approval of congruent BOG regulation changes), the spending of E&G-carryforward funds will no longer be restricted to “non-recurring” items.
- E&G-carryforward funds may once again be spent on salaried employees, long-term contracts, etc.
- The university is still required to develop a carryforward spending plan in a format similar to that of recent years.
4. Legislation passed this spring increased the limit on E&G salaries and wages from $200,000 to $250,000 annually (pending the approval of congruent BOG regulation changes).
- Selected faculty are still exempt from this limit.
- Departmental personnel may initiate ePAFs to adjust 2023-2024 funding splits for this change.