Frequently asked questions about budgeting

  • Why do we budget?

    Budgets create a structure for both planning operations for the coming year and assessing actual performance throughout the year.

  • What is a self-supporting worktag?

    A self-supporting worktag has its own revenue source to support the worktag program. Each worktag must maintain a positive cash balance and any funds remaining at year end will roll forward to the next year.

  • When can a new worktag be set up?

    Self-supporting worktags can be set up when there is a readily identifiable program or activity that generates its own revenue and has related costs, where it is necessary or appropriate to track in a separate worktag. Not every activity requires a separate worktag and if an existing account is available and appropriate it should be used. If it is not clear whether an existing worktag can be used you can contact Planning, Budget & Analysis to review the information and help determine if a new worktag is necessary.

  • How do I move funds from one self-supporting worktag to another?

    The actual transfer of cash is processed by submitting a journal to be approved by the Controller’s Office. The transferring worktag must have a VT Out (Voluntary Transfer Out) budget and sufficient funds for a budgeted worktag. On a budgeted worktag, if additional funds are needed on the VT Out line, a budget amendment request must be submitted. VT's should not be processed to/from gift worktags or student fee worktags.

  • When should I use a budget amendment form?

    Use a budget amendment form when: 

    • Making a reallocation from salary budget (salary savings) to another ledger within the same worktag.
    • Moving between ledgers in same worktag.
    • Recognizing new revenue and increasing expense side to balance.

    Budget amendments can only be made within each self-supporting worktag, not from one worktag to another.