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Operating Funds Forecasting
The upcoming Operating Funds Forecasting app and enhanced Fiscal Panther (Tableau dashboard) will let stakeholders involved in University financial operations centrally manage budgets, track expenses, and provide forecasting for all entities. Operating Funds Forecasting will load general ledger and HR systems data to allow ongoing account maintenance as well as provide opportunities for planning, building, and reconciling multi-year budgets.
As part of the Operating Funds Forecasting rollout process, the project team will be reaching out to stakeholders for their input about day-to-day forecasting and annual budget needs. The system that emerges will be designed to meet the collective needs of the University's academic and administrative units. From start to finish, this entire information-gathering process is expected to take a few months to complete.
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. Earlier this year, we announced the availability of two new tools—Grants Forecasting (Planning & Budgeting Cloud Solution or Oracle PBCS) and Fiscal Panther (Tableau). 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.
The general timeline for this project involves three phases:
- Requirements collection and evaluation/weighting – underway
- Development – January through May 2022
- Testing and launch – late May 2022
- Allow you to proactively monitor actual and expected expenses—without the need for additional data entry
- Provide a common forecasting link between University departments and the Office of the CFO
- Automatically calculate budgetary formulas
- Reduce the time for creating the annual budget and forecasting
For additional information or questions about Operating Funds Forecasting, please contact the Project Team using this form.