Office Of Management and Budget: Areas of Responsibility

 

The Mission of The Office of Management and Budget

 

OMB assists the President, senior management and the University Trustees in planning for the future of the University with forecasting relating to the allocation of resources, formulation of operating and capital plans, and monitoring performance against these plans.

 

In addition, OMB:

 

►Provides our customers with a framework for estimating the cost of day-to-day operations, capital investments and new initiatives.

►Maintains a spending and revenue plan that supplies appropriate resources for the academic and operational goals of the University while providing flexibility for new needs and changes in external conditions.

► Creates systems to quantify revenue and expense targets, reports actual results during the year, assigns specific accountability for each target, and re-forecasts actual results on a regular basis.

►Assists senior management in evaluating original budget plans, as well as alternative scenarios for both internal action and external trends, and quantifies these results in standard budget formats.

►Seeks efficiencies in operations, as well as opportunities for resource enhancement.

► Monitors actual results on a regular basis and updates forecasts accordingly. Presents and quantifies various scenarios for response to variance from budget.