FY2026 Budget Process October 14, 2024 As you

Transcript:FY2026 Budget Process October 14, 2024 As you:
FY2026 Budget Process October 14, 2024 As you build your budget, ensure all items provide strategic value for Olin and document how each aligns with the strategic plan. Contact Joe if you have any questions with respect to the strategic alignment aspect of the process. Budget Guidelines – Aligning with the Strategy Review all current budget items (both compensation and other costs) Remove budgets that do not provide strategic value For budget items that align with the strategy, evaluate whether we are getting optimal value for the amount we are spending Can we achieve the same strategic goal if we spend less? Should we change aspects of how we operate that would result in better strategic outcomes? How would those changes impact your budget? Experiment with spending less; measure impact and adjust as necessary. Include clear assumptions for your budget items (no general placeholders). Follow procurement best practices Budget Guidelines – Reviewing Current Budget Review all current approved staff positions and evaluate alignment with the strategic plan. Conduct a start, stop, shift, continue analysis for each position. Are there new positions needed to support the strategic plan? Are there new skills or technology that are needed to do this work? Are there positions that will no longer be needed? Are there positions that could be repurposed for another strategic need? These questions and more are included in the Smartsheet link at the bottom of Jenn Parish’s email. Deliverables Your staffing plan via Smartsheet link included at the bottom of Jenn Parish’s email will be routed to Jackie. Excel spreadsheet attached to Jenn’s email to assist with budget entry should be sent to Jenn. Include an organizational chart. Highlight any changes relative to your current staffing. Budget Guidelines – Reviewing Staffing Plan The focus of the presentations will be your budget, how it aligns with the strategic plan, and a review of the strategic value of each investment. Include a few slides on your department’s mission, goals, outcomes, and strategic alignment, including: what you plan to stop doing because it is no longer aligned with the strategic plan. what you plan to revise because the historical investment was more than is needed going forward. for items you plan to keep roughly the same, what steps did you take to determine spending is at right level? what new investments are you proposing that would further the strategic plan? Your financial analyst will