Fiscal Management Budget Revision Summer 2015 Budget Revision
Fiscal Management: Budget Revision Summer 2015
Budget Revision What is a BUDGET REVISION? When making certain changes to the last approved budget to meet federal requirements or to pay for expenditures not originally budgeted.
Budget Revision What you should know about Budget Revisions… üRequired when program activities are expected to exceed 10% of the current total approved budget in an object code. üA CCIP history log justification is required based.
Budget Revision üAccording to OMNI Circular, 2 CFR Part 225 Appendix A-Section c(3)(a) and C(1)(a-j), budgeted expenditures must be reasonable, allocable, necessary & compliant for programming purposes
Budget Revision ü Budget revision must be approved by the department prior to obligating the funds.
Budget Revision Status Changes Application Status: Reviewed 1 st STEP 2 nd STEP Change Status To: Revision Started or FER Draft Started Application Status: Revision Started Change Status To: Revision Completed Application Status: Revision Completed 3 rd Change Status To: STEP Fiscal Representative Approved or Fiscal Representative Returned Not Approved Application Status: Fiscal Representative Approved FINAL Change Status To: Authorized Representative Approved or Authorized Representative Returned Not Approved
Strategic Planning ü Review funds Monitor Funds Changes ü Project spending ü Submit a budget revision
Substantial Approved Date/Period of Availability Substantially Approved Date = determines the date that funds can be obligated. Period of availability = July 1 st – June 30 th
Grants and Requirements All grants, federal or state, have requirements to ensure the grant is used for its intended purpose. If determined to be noncompliant the funds would be required to be returned and future funding could be in jeopardy. Determination could be through an audit, monitoring or simple desk review.
education. ohio. gov
- Slides: 10