In conjunction with Quarterly Reporting, the Quarterly Flash Forecast process helps campus leadership more accurately assess if we're on track to meet our financial goals. These quarterly forecasts provide the opportunity to make material modifications to your existing plan, update leadership on how the campus is performing against its financial goals, and inform planning for the remainder of the year.
Please review the Quarterly Flash Forecast Submission Instructions for information on how to submit your Quarterly Flash Forecast. Please note that Divisions with Budget Improvement Targets included in their Budget Allocation letters will also need to include detailed plans on how they will achieve the target.
- Quarterly Flash Forecast Submission Instructions Summary
- FY20 Flash Forecast Versions and Scenarios Calendar
Below is a link to several forecast Seasonality/Spread tools created in SmartView. These tools can help you review historical monthly seasonality trend by P&L line items or specific account codes. Please adjust your plan accordingly if there are material variances due to seasonality.
- Quarterly Flash Forecast Seasonality Tools (linked to Google Drive)
Overview of instructions:
Update: Update your FY20 Forecast Working version with any material insights provided from your Quarterly Reporting variance analysis.
Develop Corrective Action Plan: The expectation is that Divisions will continue to meet or exceed their approved FY2019-20 Operating Budget. Negative material variances will be reviewed by the Finance Committee, as specified in the Performance Actions section on page 3 of the Appendix #1 of the FY2019-20 Budget Guidelines. If you are not meeting your approved Budget, develop an action plan for any corrective actions needed and update your FY20 Forecast Working version accordingly. The purpose of a forecast is to make decisions and take actions early enough to achieve the desired outcomes.
Communicate: Discuss any material changes not previously approved by the Finance Committee with Vice Chancellor of Finance Rosemarie Rae before finalizing your FY20 Forecast submission.
Finalize: Review and finalize your FY20 Forecast in CalPlanning by the deadline. Update the required Smart View trend and variance reports and summarize material changes using the Summary of Changes Narrative template to include with your submission.
Submit: Submissions are due to firstname.lastname@example.org by close of business on the due date.