The Budget Summary includes budgeted amounts, encumbrances, transaction totals, and budget balances and is the online equivalent to the printed BSR. This report is not limited by access; anyone with access to MyFD may look at the Budget Summary Report for any budget.
To view the Budget Summary Report:
- Select Budget Summary from the Reports dropdown menu
- Input a budget number in the View Budget # field, select a time period, and click go
Reading the Budget Summary Report
Read the Budget Summary from left to right, starting with the Account Code Column. Expenditures are categorized by account codes. If there was activity in an account code during the reporting period, the account code and description will be blue links; click on these to see more detail in the Transaction Summary report.
The budgeted amount column shows the amount originally budgeted, by account code. For some budgets and account codes, there may be no budgeted amount; this is ok!
To the right of the budgeted amount is the Total Prior Transactions; this is the total amount spent, by account code, between the budget period start date and the beginning of the reporting period displayed. The reporting period Transactions indicates the amount spent during the reporting period displayed.
Remaining encumbrances displays the amount, by account code, that has been encumbered, or set aside. Encumbrances may be included, or excluded in the remaining amount by clicking on the “Include Encumbrances” checkbox.
The total Transactions is the sum of the total prior transactions, reporting period transactions and remaining encumbrances.
Budget balances are located on the Budget Summary, but are found in slightly different places for state or grant budgets than for revenue-generating budgets.
Determine if your budget is a state, grant, or a revenue generating budget while looking at the Budget Summary:
- If there is a single green line at the bottom of the report that says “Total Expenditures” or a green line and an additional gray “Total Revenue” line, read this like a state or grant budget
- If there is a “Total Expenditures” line, gray “Total Revenue” line AND a green “Cumulative Net (Income) or Loss” line, this is a revenue-generating budget
For state or grant budgets:
Locate the budget balance in the Total Expenditures line under the Remaining Budgeted Amount column.
Balances for State/Grant budgets are calculated using figures in the green Total Expenditures line (Budgeted Amount minus Remaining encumbrances minus Total Transactions equals Budget Balance).
Click here to view a rollover demonstration of how to find the budget balance for a state or grant budget
For self-sustaining (revenue generating) budgets:
Generally speaking, the balance on a self sustaining budget is the difference between the total expenditures and total revenue. However, it is essential that you understand how your department manages and maintains these budgets. There are different ways of managing these types of budgets that may affect how this report can be read and consequently, where the budget balance is located. Some departments use the budgeted amount column others do not. Use of this column will affect how the budget balance is seen on the report.
If there is NOT a budgeted amount, the budget balance is located in the Cumulative Net (Income) or Loss Line under the Remaining Budgeted Amount column. Tip: Parenthesis indicate a loss and no parenthesis represent income.
If the "Cumulative Net Income Loss" line is NOT zero, MyFD report calculations may not accurately report the budget’s balance. For these few budgets, the necessary course of action for identifying the budget balance, is to speak with your budget administrator (or person in charge of budget revisions for your unit) about how these funds are used and managed within your department. Click here to view a visual.
IMPORTANT NOTE: If your department does not need to use the budgeted amount column for self-sustaining budgets, and there are amounts displayed in that column, you may contact the Office of Planning and Budgeting http://www.washington.edu/admin/pb/home/bo-unitlist.htm so they may assist you in making the necessary changes in the budget system (BGT). Unfortunately, the MyFD Team cannot assist with BGT modifications.