Money makes the world go around, but budgeting helps us spend it wisely. Finally, after months of planning and budgeting my husband and I announced to our boys that there is a “Vacation” category in our family’s budget for this year, and we can all start working on implementing it.
I am also excited for California schools and our customers for their funding increase for the upcoming fiscal year. The Governor’s workshop that I attended a few weeks ago provided California school business professionals with all the necessary information to finalize their budgets and close the books.
And here we are, ready to Post our Original Budget Model in Escape. Just a few final checks.
Make sure to…
- Use the new updated rates for PERS, STRS, and other contributions. To do this, go to the Contribution tab in Budget Management and verify all of your contributions are there and the correct rates are being used.
- Ensure that the model items are actually using those new rates. Select a few employees and run the Budget06 – Budget Salary projections by Employee one last time. If you find any problems, use the task Perform change, option 03 – “Recompute contributions” in Budget management to recompute contributions with the model rates.
- Budget your starting balance accounts in your Model. You can run any budget report or a fiscal report that allows you to select a budget model (such as Fiscal04) for this purpose. You should see your 9791 accounts in the model with estimated amounts.
- Run Budget99 Fund/Object or Fund/Resource Summary Snapshots. These are great reports you can run from the Budget Management activity as a snapshot. In addition to the object or resource summary, they will tell you if you have any expired accounts in your model or if there are any resources you’ve set up to not allow fund balances will have fund balances after posting your model.
Depending on your setup, you may have to go through different stages of district and county approvals. Please, discuss with your county specific steps you need to take and refer to the Escape Budget User guide for detailed information about the model statuses and available tasks. When you are ready, use the task “Submit (or Approve) this model” from Budget Management, and then select ‘Adopt’ from the task window.
It is that easy. Happy New Fiscal Year! I am honored to be a part of your journey in Escape.