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Finance Forum

Finance Forum. 18 September 2013. Overview of Finance Forum. Welcome and Overview David Sturgiss The 2014 Budget Melissa Abberton TM1 Budgeting Trevor Langtry Annual Financial Statements 2013 Rachelle Conry Assets Update Samantha Chan Procurement Tim MacPherson Morning tea

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Finance Forum

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  1. Finance Forum 18 September 2013

  2. Overview of Finance Forum • Welcome and Overview David Sturgiss • The 2014 Budget Melissa Abberton • TM1 BudgetingTrevor Langtry • Annual Financial Statements 2013 Rachelle Conry • Assets Update Samantha Chan • Procurement Tim MacPherson • Morning tea • Travel SystemMaggie/Leo • Accounts Payable – Workflow Trevor Langtry • General Discussion Topics Everyone 18 September 2013

  3. Welcome and Overview David Sturgiss 18 September 2013

  4. The 2014 Budget Melissa Abberton

  5. Main Factors Impacting the 2014 Budget • The MYEFO announcements in November 2012 - $11 million • The 2% Efficiency Dividend announced in April 2013 - $8 million • Removal of Facilitation Funding - $4 million • 2% Pay rise - $15.3 million • Deferral of savings to be realised from service process improvements from 2012 Admin Reviews - $7 million 18 September 2013

  6. Main Factors Impacting the 2014 Budget • “Solving our Budget Challenges” program introduced to compensate for lost revenues • $21.450 million in savings need to be found • Of these savings $20.250 million to be found from the recurrent budget • This will still deliver a University deficit of $32.1 million in 2014 before we achieve a small surplus of $6.5 million in 2015 18 September 2013

  7. How to Allocate the $20.250 million? • The Senior Management Group (SMG) agreed to use the Transparent Budget Model as the mechanism to deliver the savings • At the SMG retreat a number of modelling options were assessed to determine how the savings should be allocated • This has lead to some changes to the 2013 Budget Model to be adopted for implementation in 2014 18 September 2013

  8. 18 September 2013

  9. Distribution of the Repositioning Adjustment 18 September 2013

  10. Changes to Allocation Rates 18 September 2013

  11. What Else…….. • RTS is based on 60% historical and 40% performance based allocation in line with the transitional formula introduced in 2013 • Student load modelling uses actual fee rates rather than averages and calculated at AOU • No fee grandfathering from 2014 • Workers Compensation Levy % likely to rise • Pay 27 treatment • Upfront Deduction for utilities and network service charges 18 September 2013

  12. Watch this Space…….. • A Capital Development Plan • Student Load Planning • TM1 Budget Model 18 September 2013

  13. A Capital Development Plan • Should be part of the annual budget process • Should be based on a 6 year rolling timeframe • Integrated with the financial statements and the transparent allocation budget. • Capital expenditure levels should, as a minimum match, the overall level of depreciation expenses. • Strike an appropriate balance between minor works and major capital projects. • Priorities should be evidence based • Priorities should be determined by the SMG. 18 September 2013

  14. Student Load Planning • PASS has developed new student load models to project commencing and continuing load by program • Will be further developed during 2014 to more fully integrate with the Budget Model for projecting tuition fees and allocatiing HECS/CGS revenues 18 September 2013

  15. TM1 Budget Model • Performance Issues Resolved • Web based delivery increasing flexibility & portability of the model • Salary model enhancements – budget at School Level • Consistency between data input and report output • Period 9 Data and 2014 Reporting Structure Loaded • Go Live week beginning 9 September 2013 18 September 2013

  16. 2014 Budget Timetable – Key Dates 18 September 2013

  17. TM1 BudgetingTrevor Langtry September 2013

  18. TM1 - Update 18 September 2013

  19. Agenda • What’s Different • Help & Documentation • What’s Available - Data • Main Menu • Salary Template • Operating Budget • Reports 18 September 2013

  20. What’s Different • Access via a web browser - http://fbs.anu.edu.au/accounts/tm1-budgeting 18 September 2013

  21. What’s Different – cont. • Supported browsers: • IE 6, 7, 8 • Firefox – not supported but appears to work • Chrome – don’t bother • Other – Untested • Access to client install has been removed 18 September 2013

  22. What’s Different – cont. Web Advantages: • Easier Deployment • Auto Calc – don’t have to turn off • Unable to accidently delete formula’s • No Confusion re Excel features • Improved Mobility • Can run a separate instance of Excel • Use off campus via a VPN (https://anuvpn.anu.edu.au) • Easy to export to Excel for quick report 18 September 2013

  23. What’s Different – cont. • Accounts Codes: • Budgeting is at a subset of the account codes • Reporting will include all account codes • Budget Data Entry Screens: • No longer contains prior year data • Only used for budget entry • Includes an additional 2 years of projections • Recommend running the Budget Summary report on second screen 18 September 2013

  24. What’s Different – cont. System Performance Hopefully and not 18 September 2013

  25. What’s Different – cont. Salary: • Comments field added • Increased max limit for additional staff • Fixed issues re account code mapping • Fixed bugs in drop down lists • Can salary budget for a whole department/budget unit 18 September 2013

  26. Help & Documentation • Call – Ext 54321and follow the prompts • Email – fbs-bso@anu.edu.au • Doco - http://fbs.anu.edu.au/accounts/tm1-budgeting • Request Drop In Session – Call or Email BSO 18 September 2013

  27. Documentation – Available on Web 18 September 2013

  28. Documentation Cont.. 18 September 2013

  29. Documentation Cont.. 18 September 2013

  30. 18 September 2013

  31. What’s Available - Data • Budgeting for 2014 • Forecasting – untested and data not populated • Original Budget for 2013 – Loaded from P/Soft Financials • Actuals for 2013 loaded to P9 • Salary Date – extracted from HR 6th September • Chart fields and Tree Structure - extracted from Finance 6th September 18 September 2013

  32. Main Menu 18 September 2013

  33. Salary Budget Entry Template 18 September 2013

  34. Operating Budget Entry 18 September 2013

  35. Reports Cont.. 18 September 2013

  36. Questions? 18 September 2013

  37. Annual Financial Statements (AFS) 2013 Rachelle Conry

  38. Financial Reporting at ANU • Internal (Management) Reporting • External (Financial) Reporting • AFS is one of the major External Reporting Items • Reported on an Accrual basis • Includes ACTUAL (cash) & FINANCIAL (non-cash) entries 18 September 2013

  39. AFS Overview • AFS are produced each year by the ANU in line with the following regulations: • Commonwealth Authorities and Companies Act 1997 (CAC Act) • Australian Accounting Standards • DIICCSRTE Financial Statement Guidelines for Australian Higher Education Providers • Finance Ministers Orders (FMOs) 18 September 2013

  40. AFS Overview • CFO is responsible for delivery inc. signoff by the Australian National Audit Office (ANAO), Audit Committee, Finance Committee, Council, Vice-Chancellor & Chancellor • The process is managed by F&BS but is a collaboration with the Colleges and Service Divisions • Packs are completed by each Budget Unit & signed off by the Principle Delegate 18 September 2013

  41. AFS 2013 – Process & Packs • Full update – November Finance Forum • No major changes for 2013 • 2013 Packs available in October inc. confirmed timings • 2012 Packs • Instructions, schedules, year end journal rules • http://fbs.anu.edu.au/reporting/financial-reporting/annual-financial-statement-basics 18 September 2013

  42. AFS 2013 – Land, Buildings, Infrastructure, Plant & Equipment (LBIPE) • Plant & Equipment (P&E) and Inventory Stocktakes to be returned to F&BS in early December • 2013 Revaluation - Land & Rare Library Material inc. Noel Butlin Archives • AMS closes 1st week of December • Work In Progress (WIP) 18 September 2013

  43. AFS 2013 – Other Balance Sheet Items • All Asset & Liability accounts require reconciliation • Recs to be submitted electronically • .xls & .pdf (signed version) • Comparing ES Financials information to original source 18 September 2013

  44. AFS 2013 – Ledger Maintenance • Asset Reconciliations • 7xxx (transfer) & 8xxx (internal sales & purchase) Reconciliations • 51xx – Equipment Purchase Review • 9370 – Proceeds from Sale of Assets 18 September 2013

  45. AFS 2013 - Other Items • Description for vouchers to contain the year when the goods/services received • Chasing 2013 Invoices • 2013 Packs to be submitted electronically • .xls & .pdf (signed version) • Delegation needs to be arranged for an appropriate officer where the principle delegate is on leave 18 September 2013

  46. AFS 2013 – Provisional Timing • Friday 6 December: • Plant & Equipment Schedules • Store Stock Schedules • Last day for adjustments in Asset Management System • Friday 13 December: • Last day for Vendor Additions 18 September 2013

  47. AFS 2013 - Provisional Timing • Wednesday 18 December: • Pay 26 to be sent • Last AP runs for 2013 (draft, chq & TT) • Last day for AR invoices • Last day for banking foreign drafts 18 September 2013

  48. AFS 2013 - Provisional Timing • Thursday 19 December: • Last AP EFT run for 2013 • Last day for direct debits for Halls & Colleges • Last day for Courier Run • Pay 26 re-banks • Last opportunity to run Outstanding Encumbrances Report for 2013 data 18 September 2013

  49. AFS 2013 - Provisional Timing • Thursday 19 December (cont.): • Last day for AP Vouchers for 2013 • Last day for entering ACTUALS, FINANCIAL & STD_BUDGET Journals • Access to ESP Financials closed at 5pm 18 September 2013

  50. AFS 2013 - Provisional Timing • Friday 20 December: • All receipting points must be deposit listed by 11am • Access to One-Stop (Receipting) closed at 11am 18 September 2013

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