policy position budgeting modified Wed Oct 12 2022 14:21:11 GMT-0400 (Eastern Daylight Time)
University of Louisville
July 1, 2012
This policy applies to Deans, Vice Presidents, Directors, Lead Fiscal Officers, and Unit Business Managers.
REASON FOR POLICY
A department’s personnel budget is one of the most significant components of the overall institutional financial plan, accounting for approximately 70% of the University’s budget. U of L has a position-based budget for personnel transactions; departments must establish the budget according to projected expenditures. Correct position data identifies vacancies in the organization, positions that are over or under budgeted, and establishes attributes for the job record, that allows the employee to be paid and receive benefits correctly.
Units seeking to establish a new position must have sufficient funds available to fund the position prior to hiring a candidate. Units must determine if the position will be on a Continuing Annual Requirement (CAR) basis and plan accordingly. Units may need to submit a Budget Revision Request (BRR) to Budget and Financial Planning (BFP) to appropriately allocate funds to a specific program and account, and provide as necessary for fringe benefits. Units will not be able to hire a candidate until funding is in place.
Vice President for Finance and Chief Financial Officer
RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION
Budget and Financial Planning
Grawemeyer Hall, Room LL20
2301 S. Third Street
Louisville, KY 40208
Revision Date(s): July 7, 2016
Reviewed Date(s): July 7, 2016
The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.