2017/2018 Annual Budget and Forecasting opens in Hyperion Planning System

The Hyperion Planning system will go live November 16, 2016. Hyperion can then be used to prepare your 2016/17 Annual Forecast and 2017/18 Budget Submission. This communication serves as reference to assist you in planning your individual and departmental tasks to prepare for the implementation and to communicate how you can get assistance. 

Why are we implementing a new Budget System

The Finance Program will implement a series of strategic initiatives to improve service to the community. One of the initiatives is to replace the IFPBS budget system with the Oracle Hyperion Planning solution. The new system provides additional functionality and will enable  improved budgeting and forecasting processes.  

Key features

Departments have the ability to allocate budget and forecast amounts by month (versus an annual total), improving seasonal fluctuations and variance analysis.

System will be available all year. Departments can opt to update forecasts monthly or quarterly throughout the year, improving ability to manage finances during the year.

Task lists and budget and forecasting instructions and links to the Finance website all available from within the system.

Comments, supporting details, and variance explanations are all captured together within the system.

One budget process where the development of the planned use of carry forward is budgeted simultaneously with the annual budget.  Consolidates two processes into one!  One Board submission!

Budget submission timeline extended (opening earlier than in the past and extended one week longer).

Forecasts and Budgets will leverage the new Chart of Accounts structure.

Departments may create new proposed “to be hired” continuing positions directly into the system for planning purposes.   

Leaves and some selected groups of temporary positions can be entered into the system for planning purposes.

Preliminary and Final University Enrolment Plan data available in the system at the Faculty level.

Roll-out of powerful reporting and analytics capabilities for future phases.

Inclusion of Ancillary Services fund planning details (in addition to the Operating fund).