Budget Planning Memo

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Budget Management Guidelines - updated February 2025
The St. Lawrence University operating budget reflects the values of the University by allocating dollars to specific initiatives. It is the financial expression of institutional goals and objectives. Individual departments are encouraged to manage their budgets in the same way: reflecting the values and goals defined by the department. Budget managers can be successful in their role by discussing, evaluating, analyzing, planning and collaborating with others to use their budget dollars thoughtfully, intentionally & strategically.
To support that success, let’s start with a few facts specific to budgeting at St. Lawrence University and then move into strategic budgeting and intentional spending.

Budgeting at St. Lawrence University
A.   FISCAL YEAR: July 1 – June 30; budgets are intended to cover expenses incurred during this period of time. (Note that the fiscal year is named for year in which it ends: FY2026 = July 1, 2025 – June 30, 2026)

B. RESPONSIBILITIES: The budget manager responsibilities include:

  • Making sure individual charges are correct
  • Ensuring the budget is not overspent
  • Following the Universities spending policies
  • Rebudgeting
  • Informing others about available budget resources, budget progress, or concerns
  • Reviewing budgets on a regular basis
  • Planning ahead for how the budget will be used (more details below)

C. OPERATING BUDGET:

  • Encompasses revenues and expenditures associated with the normal course of business for the current year. It is set in the spring for the following fiscal year through the budget development process based upon expected revenue performance and spending needs for that year
  • Actual expenses should be charged to the category that most closely matches the nature of the expense
  • Departments should look to reduce overall budgeted expenditures
  • Departments that forecast a budget overage in any of their Cost Centers should contact smace@stlawu.edu for advice about managing anticipated expenses
  • Can request Budget Transfers through the Colleague Self-Service Portal

CI. SALARIES, WAGES AND BENEFITS (SWB):

  • Employee compensation is managed separately by the Finance Department and is not part of Budget Managers responsibilities
  • Budget Managers oversee managing budgets for Temporary Wages and Student Wages

D. GIFT FUNDS/RESTRICTED FUNDS
GIFTS: St. Lawrence has several gift funds, the majority of which have specific spending restrictions from donors

•  Have a 2,3,4 in the Fund section of the account number

•  It is expected that all expenses eligible to be booked against gifts, or other restricted funds, are charged to the appropriate restricted unit prior to being eligible for use of unrestricted operating funds. In other words, departments should spend from gift funds before using operational funds

•  Spending restrictions can be found by reaching out to University Advancement

•  Spending must be budgeted and must not exceed the available cash balance

•  Unspent balances at year-end will automatically carry over to the next fiscal year (The Cash Balance, NOT the budget for their expense accounts)

AGENCY ACCOUNTS: St. Lawrence has several agencies that are tied but independent from SLU’s operations. If the Function is 91 then you are dealing with an Agency Account. We have no control of their budgets nor are able to dictate how to spend it

  • x-xx-91-xxxxx-xxxxx are NOT University’s funds
  • Budget transfers cannot be made. Instead of doing transfers you will need to process a proper payment
  • Reach out to Accounts Payable (accountspayable@stlawu.edu) to get a check processed
  • For budget questions, contact the Assistant Director of Finance at smace@stlawu.edu 
  • For questions about actual expenses and specific transactions posted in Self-Service contact businessoffice@stlawu.edu

Planning (before the fiscal year)
1. Identify your department operating budget
a. Find your Cost Center(s) and confirm your access in The Colleague Self-Service Portal
b. Verify your budget

2. Define what costs your department incurs each year, which may include:
a.  Fixed costs (expenses that do not change based on participation or department operations; like an annual membership fee or a speaker honorarium)
b.  Variable costs (expenses that change based on the number of participants or on the volume of work involved; like meals or printing expense or book purchases)

3.  Calculate how much you have left over for other discretionary expenses: budget minus annual department expenses

4. Define goals or plans for your department

5. Forecast the costs that go along with your goals
a. Identify a cost for each goal, noting whether or not costs are one-time or on-going
b. Think about any non-financial costs of your goals (effort, time, space, student impact) and whether or not the goals are realistic
c.  Identify which goals to pursue this fiscal year, based on available funds

6. Plan for how expenses will be spent by term or by month

Analyzing (during the fiscal year)

7. Review budgets in Self-Service on a monthly basis
a. Make sure individual charges are correct
b. Make a note of charges that you expect to see but do not
c.  Contact the Business Office with questions

8. Compare spending to your plan
a. Look at the balance remaining for the rest of the year
b. Do you have enough money to complete your plan on schedule?
c.  Are you spending too quickly?
d. Are you spending outside of your set goals?
e. Were your cost estimates off?

9. Adjust your plan if needed to account for actual spending
a. X cost more than we thought, and now we won’t plan to do Y this year
b. We found separate funding (endowment/restricted gift or grant) for Z and now we can move ahead with A this year

Evaluating (after the fiscal year)
10. Year-end transactions
a.  Watch for year-end announcements and timelines
b. Ensure that all actual and pending transactions are correctly posted
c.  Communicate any year-end adjustments

11. Compare your actual spending to your plan
a.  Does your actual spending impact your plan for next year?

Strategic budgeting (and intentional spending) is the means to accomplishing your department goals 
and objectives. It is an opportunity to plan for success!