FY2026 Budget Process Guidelines
Align your budget with Olin's strategic plan by reviewing current budget items, staffing plan, and preparing presentations that highlight strategic value and investments. Evaluate each budget item for its alignment with strategic goals, optimizing value, and potential operational changes for better outcomes.
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FY2026 Budget Process October 14, 2024
Budget Guidelines Aligning with the Strategy As you build your budget, ensure all items provide strategic value for Olin and document how each aligns with the strategic plan. Contact Joe if you have any questions with respect to the strategic alignment aspect of the process.
Budget Guidelines Reviewing Current Budget Review all current budget items (both compensation and other costs) Remove budgets that do not provide strategic value For budget items that align with the strategy, evaluate whether we are getting optimal value for the amount we are spending Can we achieve the same strategic goal if we spend less? Should we change aspects of how we operate that would result in better strategic outcomes? How would those changes impact your budget? Experiment with spending less; measure impact and adjust as necessary. Include clear assumptions for your budget items (no general placeholders). Follow procurement best practices
Budget Guidelines Reviewing Staffing Plan Review all current approved staff positions and evaluate alignment with the strategic plan. Conduct a start, stop, shift, continue analysis for each position. o Are there new positions needed to support the strategic plan? Are there new skills or technology that are needed to do this work? o Are there positions that will no longer be needed? o Are there positions that could be repurposed for another strategic need? o These questions and more are included in the Smartsheet link at the bottom of Jenn Parish s email. Deliverables o Your staffing plan via Smartsheet link included at the bottom of Jenn Parish s email will be routed to Jackie. o Excel spreadsheet attached to Jenn s email to assist with budget entry should be sent to Jenn. o Include an organizational chart. Highlight any changes relative to your current staffing.
Budget Guidelines Presentations The focus of the presentations will be your budget, how it aligns with the strategic plan, and a review of the strategic value of each investment. Include a few slides on your department s mission, goals, outcomes, and strategic alignment, including: what you plan to stop doing because it is no longer aligned with the strategic plan. what you plan to revise because the historical investment was more than is needed going forward. for items you plan to keep roughly the same, what steps did you take to determine spending is at right level? what new investments are you proposing that would further the strategic plan? Your financial analyst will prepare the financial slides on each major component of your budget. Be prepared to explain in detail your start, stop, shift, and continue initiatives while you review the financial slides.
Budget Guidelines Meetings You will present your budget to senior leadership in late January. Meetings with the Dean will be scheduled for mid February. These meetings are intended to address any specific questions/issues about your budget. The finance team will send all meeting materials to attendees approximately one week in advance.
Budget Guidelines Timeline October/November Budget memo was sent on October 3rd December Build presentation and prep January/February Adjustments for significant budget for meetings at the end of changes may be made after January consolidated school review Work with your financial analyst to build your proposal Presentations are due no less than 1 week before your meeting with First draft due Nov 1st senior leaders Final draft numbers due November 22nd to allow for Meetings with senior leaders will take place the week of January 27 consolidated budget review. Each Senior Associate Dean Follow ups with the Dean will take or Vice Dean should review place February 11-12 the proposal before it is submitted.
Finance Contacts Erin Urban Director of Financial Planning & Analysis Kristen Ford Brian Hof Manager of Financial Reporting & Budgeting Manager of Financial Reporting & Budgeting Rita Kaikati Financial Analyst Marilyn Perry Financial Analyst Mike Albright Financial Analyst Samantha Long Financial Analyst Advancement CDE CRM Dean s Budget Finance & Accounting EDI Entrepreneurship Events (Team) Marketing & Communications Operations People & Culture Strategy Academic Affairs BCSCI BLC CABI CEL CFAR CRES External Engagement Koch Doctoral Faculty Research & Teaching Faculty Support Nondegree Executive Education Undergrad Programs Graduate Programs
