The Community of Practice (COP) serves as an opportunity to improve information flow and broaden stakeholder engagement for finance resources across UCOP (Budget Liaisons). The group, led by the UCOP Budget, Financial Planning and Analysis (BFP&A) department, has monthly meetings. These meetings provide a mechanism for two-way feedback to understand opportunities to improve BFP&A service to the divisions and departments, and update division and department resources on key budget and forecast deliverables. We use periodic (budget cycles, forecast process, overall feedback) surveys to ensure group satisfaction and areas of interest, evaluate client service needs, and collect other ad hoc information.

Budget Development

The annual budget development process is the formal method through which UCOP determines its annual operating budget for the following fiscal year. During the budget development process, annual and multiyear priorities and objectives are reviewed and aligned with financial resources for the forthcoming fiscal year. The budget is developed for each division and department, and reviewed for strategic alignment by each division leader. Budgeting decisions are balanced by UCOP's mission priorities and resource availability. During the annual budget process we:

  • Review relevant documentation, including policies, procedures, standards, baselines and guidelines
  • Streamline and update processes and procedures
  • Update the Budget Manual and other BFP&A documents
  • Ensure alignment with best practices

Planning and Budgeting System (PBS)

The Planning and Budgeting System (PBS) is the primary system supporting the development of UCOP budgets and forecasts. PBS increases accountability, strengthens transparency, and supports the further transformation of the financial management culture.

This is a subscription-based, planning and budgeting solution built for and deployed on Oracle Cloud that leverages the architecture of Oracle Hyperion Planning, one of the leading products for financial planning.