Pol-Position Budgeting

policy position budgeting modified Fri Jan 31 2020 08:16:56 GMT-0500 (Eastern Standard Time)

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University of Louisville

OFFICIAL
UNIVERSITY
ADMINISTRATIVE
POLICY

POLICY NAME

Position Budgeting

EFFECTIVE DATE

July 1, 2012

POLICY NUMBER

BFP 001

POLICY APPLICABILITY

This policy applies to Deans, Vice Presidents, Directors, Lead Fiscal Officers, and Unit Business Managers.

POLICY STATEMENT

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.

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.

ADMINISTRATIVE AUTHORITY

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
502-852-6166
budgets@louisville.edu

HISTORY

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.