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Quarterly variance analysis allows divisions to course correct throughout the year, deliver transparent reporting to divisional leaders, and improve the quality of financial actual, budget, and forecast data. Campus leadership launched the quarterly variance analysis reports and flash forecast in fiscal year 2016-17.
When developing the Operating Budget, divisions created a full, bottoms-up build of their financial outlook. This type of planning is called “full” as in “full budget or forecast." Timely modifications to an existing plan are called “flash” as in a “flash forecast." Currently, Office of the Vice Chancellor Finance requires a quarterly modification to your plan. The first and second quarter forecast updates are flash forecasts,while the third quarter is a full, more detailed forecast. The third quarter is submitted generally at the same time as the following year's Operating Budget.
The quarterly flash forecast is to identify the type of work needed from the divisions for updates to their plans on a quarterly basis. It helps campus more accurately assess if we are on track to meet our financial goals.
Please select an action from the choices below, if none of these choices meet your needs, please email us at firstname.lastname@example.org with “Quarterly Variance Analysis / Flash Forecast” in the subject line of your email. All inquiries must be reviewed and submitted by your Divisional Finance Leader to be considered by our concierge service.