The Budget Model
The Budget Model is a multi-worksheet, Excel based system for school districts to develop, monitor and report budgets quickly and effectively. The Budget Model uses historical revenue and expenditure data, historical and current enrollment data, and the MDE what-if to generate the revenue budget.
The Budget Model provides a series of reports by UFARS dimensions, revenue source and expenditure object. The reports are useful for quick analysis of budget results and serve as a high-level budget update for the monthly board and/or finance committee meetings. In addition, the model contains worksheets that present the required annual budget publication report and the Statement of Revenues and Expenditures Audit Report.
The Budget model works in conjunction with the Financial Planning Model to develop a 5-year financial plan for a district. To see the system flow, please click on the following link: System Flow - BDRM 2017
Features of the Budget Development & Reporting Model
- Allows for efficient expenditure budget development using calculated trend numbers, determined percentage changes, three Quick Budget options, or manual entry.
- Includes What-if to simulate and develop formula revenues interactively.
- Contains inputs for state aid, federal grants, local and miscellaneous and property taxes to develop the Revenue budget:
- Includes two years of budget history for trend and analysis of both revenues and expenditures to create the following reports:
- Monthly Board Budget summary
- Revenue by source
- Expenditures by UFARS Segment
- Expenditures by site – object
- Expenditures by site – object interactive (12 budget analysis options)
- Expenditures by FIN-OBJ
- UFARS compliance - 5 Years of history
- Profiles Report for Current and Two Prior Years
- Budget Reconciliation Report (Frequently requested by auditor)
- Annual Budget Publication notice
- Creates budget overview documents for summary of Adopted, Revised and Next Year Budgets for board presentation of budgets.
- Tracks monthly Enrollment change for report of End of Year ADM projection.
- Allows for creation of monthly updates of Administrative or Program budgets for budget managers for budget tracking.
- Allows for easy transfer of data to update the Financial Planning Model (FPM).
- Allows for easy extraction of line item budgets for upload into the District’s financial software system.