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Financial planning and reporting

The University operates a system of devolved financial management. Colleges and Services are supported in this by central Finance Services staff.

There are a number of key financial management activities that take place through the year. These include:

Financial transactions are recorded on the main finance systemT1 (Ci Anywhere) against  a specific month (or period). At the end of each month we operate a structured month end timetable. This is for the following reasons:

  1. For budgetary control purposes, users need to know when data is complete for a period and reports can be run which will not be subject to later amendments.
  2. For VAT purposes, it is vital that there are no late amendments after the VAT return has been prepared.
  3. For financial accounting purposes, the preparation of timely monthly cash flow monitoring and other financial reports relies on a defined cut-off date.

The relevant dates for each month are set out in the month end close down timetable below. 

Month end

Closedown of purchase and

sales ledgers at 5pm

Last working day of month

Period fully closed at 5pm

 

End of 5th working day

August 2020 Friday 28th August Monday 7th September
September 2020 Wednesday 30th September Wednesday 7th October
October 2020 Friday 30th October Friday 6th November
November 2020 Monday 30th November Monday 7th December
December 2020 Thursday 31st December Friday 8th January
January 2021 Friday 29th January Friday 5th February
February 2021 Friday 26th February Friday 5th March
March 2021 Wednesday 31st March Friday 9th April
April 2021 Friday 30th April Monday 10th May
May 2021 Friday 28th May Monday 7th June
June 2021 Wednesday 30th June Wednesday 7th July
July 2021 Covered by year end timetable

In Year Financial Time Table - Key Dates

Annual Budgets are set each June, agreed by VCEG and Council. Throughout the year Budget Centres continually review performance against these budgets and on three occasions (December, February and April) submit revised budgets for approval, as per the schedule below.       

As part of the In Year update process a consolidated University position is taken and a forecast report, including financial appendices, is produced and presented for approval to both VCEG and Council.‌

Capital planning and approvals are governed by the Capital Investment Group (CIG), chaired by the Registrar and Secretary. The group meet regularly between September and June each academic year.

Investment in IT and Equipment operate under delegated authority from CIG to Digital and IT Strategy Board (DITSB), and the Equipment fund.

For information on CIG meeting dates, deadlines, CIG paper requirements and general enquiries in relation to the group please contact the meeting secretary, Tamsin Love or alternatively the Business Manager to the Registrar and Secretary, Sophie Hawkes.

Tamsin Love T.J.Love@exeter.ac.uk telephone number 5534

Sophie Hawkes Sophie.Hawkes@exeter.ac.uk telephone number 3045

Project procedures for Capital Investment Group proposals can be accessed here Capital Investment Group Procedures

Business Cases

Project sponsors wanting to take forward a proposal to CIG for investment will need to produce a business case. Support and guidance on the development of business cases is provided via the Strategic Delivery Unit. Information and templates are available on their webpages http://www.exeter.ac.uk/staff/strategicdeliveryunit/

Finance Support for Capital

The Finance Planning and Reporting team provide the following support for Capital

  • Heads of Finance - are the first point of contact for Project sponsors for support in the development and quality assurance of the financial elements of business cases;
  • College/Service Financial Planning and Reporting Team - provide support as business partners to project budget holders in monitoring and forecasting;
  • Capital Accountant - provides support to CIG in the management, financial planning and reporting of the Capital fund, support to Project monitoring boards, guidance on procedures:

In the first instance, please ask your Head of Finance for guidance should you have any queries on the process or what support is available to you.

‌The Planning Process aims to put affordable academic strategy at the heart of planning. Informed by the institutional priorities, Colleges and Services progress their academic strategies in tandem with the development of ambitious but deliverable financial plans.

At three points within the academic year, Planning Review Group scrutinise, challenge and support Colleges and Services in their strategic planning and budgeting, reporting progress and challenges to VCEG throughout the cycle. A final business plan is recommended to VCEG each June, which is then recommended to Council in July.‌ 

Budget Centre Planning Guidance

The document below has been compiled in order to clarify the financial planning process in order to aid transparency and consistency when budgeting across all budget centres.

Budget Centre Planning Guidance