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Operating Funds Forecasting
The Operating Funds Forecasting application and enhanced Fiscal Panther Hub (Tableau dashboard) allow stakeholders involved in University financial operations to centrally manage budgets, track expenses, and provide forecasting for all entities. Operating Funds Forecasting loads general ledger and HR systems data daily to provide opportunities for planning, building, and reconciling multi-year budgets.
Operating Funds Forecasting gathers data from General Ledger, PittWorx, Purchasing, and SPAR. The tool lets you see the impact of future expenses, including compensation and non-compensation costs. Fiscal Panther dashboard collections gather data from Concur, PantherExpress, PittWorx, and PRISM, which includes General Ledger, Payables, PCard, Purchasing, and SPAR. The Fiscal Panther hub provides a 360-degree view with convenient dashboards that gather detailed transactions from multiple-source systems in one platform.
This initiative represents a collaboration between Pitt Information Technology and the CFO's Office and is based on a firm commitment to providing centrally-supported budget and financial tools. These new tools are similar in design to the previously released Grants Forecasting and Fiscal Panther Grants Administration dashboards. These systems align with the University's new Budget ReSTART model designed to empower Responsibility Center leaders with greater financial oversight and decision-making.
In accordance with CFO Policy, every responsibility center (RC) loads operating budgets into PBCS annually. RCs are also required to submit resource proposals within PBCS in preparation for the annual operating budget formulation. Use of Operating Funds Forecasting will be optional, but its use is expected to significantly reduce the time involved in managing budgets.
- Allows you to proactively monitor actual and expected expenses without the need for additional data-entry
- Provides a common forecasting link between University departments and the Office of the CFO
- Automatically calculates budgetary formulas
- Reduces the time for creating the annual budget and forecasting