A budget is a plan of how a unit plans to spend funds during the coming fiscal year. Eastern's fiscal year runs from July 1st through June 30th. The fiscal year that begins July 1st of 2006 and ends June 30th of 2007 is called FY 2007.
Funds are budgeted in accounts and accounts are grouped by ledger. Ledger 1 contains accounts which are funded with state appropriated (tax revenue) dollars. Ledger 2 contains accounts which are funded with designated (local) funds. These monies are collected by self sustaining entities and include accounts funded with fee money and athletic ticket sales. Ledger 3, revenue bond, accounts are used for entities which are funded by bonds. These entities (residence halls, MLK union, student recreation center) collect revenue which is used to pay off the bonds. For more information on these accounts and others, click here .
Within accounts, funds are budgeted by line item. Line items are categories used to distinguish the type of fund being budgeted. Funds used to pay salaries are budgeted in the personal services line item, while non-salary dollars are often referred to as non-personal services. Codes are associated with line items and there are separate revenue and expense codes. Click here for a listing of line item codes .
Personal services funds (line item code 2000) are further divided into positions. Positions are linked to jobs while employee contracts are associated with individuals. Positions may be permanent or temporary, full-time or part-time, filled or vacant. An employee contract is the vehicle by which an individual is placed in a position. When an employee leaves one job for another at Eastern, their position number changes.
To manage the budget process, two mainframe computer systems are used: the Financial Records System (FRS) and the Personnel/Position Control/Payroll (PPP) System. The FRS system produces monthly financial reports that provide detailed information regarding funds budgeted, expended, and encumbered by line item code. The PPP system provides monthly reports detailing personnel data by individual position.