Budgeting Roles & Responsibilities - Main View | BUDGETS AND FINANCIAL REPORTING | Finance & Operations (2024)

Office of Business Affairs (OBA):

  • The OBA is responsible for all processes, policies and procedures related to the University Consolidated Budget. The OBA assists Budget Units that need assistance with planning, managing and reconciling their local budgets.
  • The OBA provides budget units with the following:
    • The university’s financial outlook and budgetary priorities per the strategic plan
    • Preliminary monies available for additional funding requests based on revenue inputs
      Outline of the budget process for the next fiscal year

Budget Group:

  • The Budget Group serves as an advisory committee to the President and works to set and/or change budget priorities as appropriate for the financial health of the university. The Budget Group includes the Division Heads for Academic Affairs, Student Affairs, External Affairs, Business Affairs, Presidential Affairs and Continuing and Professional Studies, along with the University Controller, Director of Presidential Operations, and the OAA Budget Manager.

Budget Units:

  • Each Division, a budget unit, is responsible for planning, managing and reconciling its local budget. All division heads are responsible for decision-making around their approved budgets. The roles and responsibilities for managing the budget, budgetary procedures may vary by budget unit.
  • Budget Unit representatives meet with the OBA to review the previous year’s financial performance and answer questions. For the Annual Budget Cycle, Budget Unit representatives will develop Budget Proposal materials and present them at the Budget Group meetings:
    • Year-end expense forecast and variances to budget for current year
    • Budget forecast for the next fiscal year
    • Additional funding requests for the next fiscal year and justification for those requests
Budgeting Roles & Responsibilities - Main View | BUDGETS AND FINANCIAL REPORTING | Finance & Operations (2024)


What are the duties and responsibilities of a budgeting department? ›

Develop, present, and oversee financial budgets on an annual and quarterly basis. Ensure all budgets and financial processes align with company goals. Collaborate with executives, project managers, and cross-departmental leadership to set budget goals and ensure they're followed.

What are the roles and responsibilities of a budget holder? ›

Budget holders are usually the managers and operational directors of companies who are tasked by the owners/shareholders or the board of directors to ensure that the company follows whatever budget is laid out for them.

How to answer an interview question about budgeting? ›

When discussing your budgeting experience, focus on your ability to create and manage budgets effectively. Highlight instances where your budgeting skills led to cost savings, improved financial performance, or optimized resource allocation.

What are the 4 roles of a budget? ›

A budget forces you to map out your goals, save your money, keep track of your progress, and make your dreams a reality.

How do you describe budgeting skills? ›

Budgeting skill is the ability to plan and manage money wisely by creating a detailed plan that shows how much money a person earns, how they spend it, and how they can save for future goals.

How do you demonstrate budget management skills? ›

For example, you can mention what software or platforms you use to create, monitor, and report on budgets, such as Excel, QuickBooks, or Salesforce. You can also explain what methods or frameworks you use to plan, estimate, and control budgets, such as bottom-up, top-down, or agile.

What are the three major roles of a budget? ›

Three are major roles: planning, motivation, and evaluation; two are minor: coordination and education. Planning—Operational budgets are plans; they provide details of what management hopes to accomplish and how.

What are the five 5 functions of a budget committee? ›

Budget has five different functions: Planning; Facilitating communication and coordination across the organisation; Allocation resources; Controlling profit and operations; Evaluating performance and providing incentives. Planning: Planning is the first step for the business budget function.

What makes a good budgeting? ›

A successful budget should be well coordinated. It should operate flawlessly within the different units of an enterprise. The main budget should include all the individual budgets to create an integrated plan. It should correctly represent the agenda and expenditure.

What are the six key components of a financial budget? ›

The six components of a financial plan include tracking income and expenses, budgeting, saving and investing, insurance, and retirement planning. By understanding and implementing these components, freelancers can create a secure financial future. It's essential to start planning as soon as possible.

Who has a role in the budget making process? ›

The president submits the budget proposal to Congress early the next year. Proposed funding is divided among 12 subcommittees, which hold hearings. Each is responsible for funding for different government functions such as defense spending or energy and water.

What is your operating budget? ›

An operating budget is a comprehensive estimate of an organization, company, or institution's revenue and expenses over a specified period of time.

What are the five functions of a budget? ›

The five purposes of budgeting are as follows:
  • Resource allocation.
  • Planning.
  • Coordination.
  • Control.
  • Motivation.


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