Division of Finance and Budget Strategic Plan

Transcription

1 Division of Finance and Budget Strategic Plan June 11, 2014

2 Finance and Budget Division Accounting Accounts Payable Accounts Receivable Budget Office Bursar s Office Capital Projects & Contracts Administration Cash Operations Cost Analysis Finance Systems Inventory Control Office of the Controller Payroll Procurement Contracts and Compliance Procurement Services Project Accounting Purchasing Tax and Compliance Travel Treasury Services UConn Finance and Budget Division 2

3 Finance and Budget Division Mission To anticipate and deliver ongoing, transparent fiscal analysis, ensure adherence to applicable policies, provide support to leadership, and conduct solid analytical research while ensuring strong customer service to the University community UConn Finance and Budget Division 3

4 Finance and Budget Division Core Values Excellent customer service Proactive, agile and innovative Unbiased, accurate and reliable Honesty and integrity Diversity UConn Finance and Budget Division 4

5 Focus on Staff Development Well informed, knowledgeable financial experts Teamwork Emphasis on process improvement UConn Finance and Budget Division 5

6 Finance and Budget Division Goals Support the University s policies and goals Advance the educational, research and economic objectives of the University and State of Connecticut Provide support and direction for the University in policy and fiscal matters Provide value-added solutions Constantly seek process improvement UConn Finance and Budget Division 6

7 Finance and Budget Division Strategies Recruit, retain, train and develop team members for all Finance and Budget operations Focus on value-added outcomes Proactively solve problems and offer creative solutions Perform compliance and audit functions UConn Finance and Budget Division 7

8 Finance and Budget Division Accomplishments Launched new Finance ERP, eprocurement solution and comprehensive data mart Developed stream-lined professional and construction services solution Completed first year financial statements from the Kuali Financial System and received unqualified audit opinion Completed a Strategic Plan Performed all duties as required UConn Finance and Budget Division 8

9 Treasury Services UConn Finance and Budget Division 9

10 Treasury Services Activities Debt management UCONN 2000 cash management Indenture and regulatory compliance UConn Finance and Budget Division 10

11 Budget Office UConn Finance and Budget Division 11

12 Budget Office Mission To provide credible and accurate financial information, management support, and analysis to senior leadership, the Board and the State to maximize finite resources and implement policy priorities UConn Finance and Budget Division 12

13 Budget Office Activities Budget Development and Implementation: Produce the annual budget and monitor agency budget activity to ensure compliance with enacted budget levels Financial Planning and Budgetary Reporting: Provide and analyze historical, current and projected revenues and expenditure trends accurately Financial Analysis: Establish and implement sound financial management principles and develop budget and policy alternatives for executive and legislative consideration UConn Finance and Budget Division 13

14 Budget Office Action Items Prepare and submit Biennium and out year budget materials thoughtfully, accurately and in a timely manner Utilize KFS and reporting tools more effectively and provide support and guidance to the University community UConn Finance and Budget Division 14

15 Procurement Services UConn Finance and Budget Division 15

16 Procurement Services Mission To ensure that University procurement activities meet the needs of each customer without compromising the community s expectation and the need for cost effectiveness, equity, quality and compliance throughout UConn Finance and Budget Division 16

17 Procurement Services Activities Capital Projects and Contracts Administration (CPCA): Sourcing, compliance and monitoring Purchasing: Sourcing, HuskyBuy management, PCARD administration, reporting, compliance and monitoring Procurement Contracting and Compliance: Drafting and negotiation of contracts, management of Supplier Diversity Program, compliance and monitoring UConn Finance and Budget Division 17

18 2013 Finance and Budget Division Tug-of-War Champions!!!!!! UConn Finance and Budget Division 18

19 Procurement Services Action Items Develop a comprehensive branding and communication plan to better inform and support our customers Utilize and integrate business analytics into procurement processes to better define performance requirements and contain costs in support of a more strategic approach Further expand and develop Supplier Diversity Program opportunities/efforts in concert with NextGenCT program goals UConn Finance and Budget Division 19

20 Office of the Controller UConn Finance and Budget Division 20

21 Office of the Controller Mission Provide high quality, efficient, effective, and accurate financial services to faculty, staff, students and other customers Safeguard the University s assets by ensuring and monitoring adherence and compliance with regulatory and other requirements from Federal, State and other regulatory bodies Provide timely, accurate and defensible reporting that will survive audits; and will provide reliable and meaningful information for decision makers UConn Finance and Budget Division 21

22 Office of the Controller Activities Pay, Collect, Control, Comply, Account: Pay vendors, employees, students and refunds to customers Collect from students and other customers all fees and revenues Account for all financial transactions of the University Oversee service centers and develop rates Financial reporting including audited financial statements, UCONN 2000 reporting, surveys, and ad hoc reporting Maintain the financial system and data mart Complete physical inventory and tagging of equipment Interface with and respond to independent and internal audits Ensure compliance with IRS Code & DRS UConn Finance and Budget Division 22

23 Office of the Controller Action Items Streamline financial statement production Develop new methodologies for the facilities & administrative rate calculation Complete documentation of procedures in Kuali Financial System (KFS) and other systems Streamline vendor database checking Expand on e-invoicing and ACH vendor payments Maintain 5 calendar day processing of travel reimbursements UConn Finance and Budget Division 23

24 Office of the Controller Action Items (cont.) Review and enhance all cash handling operations/departments across the University Implement live-chat for student inquiries across the University community Upgrade reporting environment, enhance monthly reporting and complete dashboard Develop business continuity plan for disaster recovery Complete electronic records management project, eliminating paper where feasible UConn Finance and Budget Division 24

25 Finance and Budget Wrap up UConn Finance and Budget Division 25