How to read your budget report
Budget Reports will be mailed to your department on a monthly basis. They are printed from the Library’s online acquisitions system and provide up-to-date fund information.
In examining the budget report, you will want to look carefully at a few important numbers. These are detailed below, with an explanation of each.
The date that the Fund Cycle List
was produced appears on the second line of the report. Items are ordered and
paid against your account on a daily basis, so the balance is constantly changing.
- This is the dollar amount you may spend this fiscal year.
- This is the dollar amount of items on order. When an item is received,
the cost is deducted from the encumbrance figure and added to the paid figure.
- This is the dollar amount of items already received and paid. The paid
and budgeted amounts should be equal by the end of the fiscal year.
- Cash balance
- This is the dollar amount you have left to spend. This figure is equal
to the Budgeted amount minus the total paid.
- Free balance
- This is the dollar amount still available for ordering. It reflects the funds remaining after all encumbrances and expenditures have been deducted from your allocation. You may continue to place orders for your department as long as this is a positive number.
Both of these figures are followed
by a percentage figure that calculates the amount in relation to the total
allocation. As materials are ordered over the year, the free and cash balances
will drop toward zero. The goal is to have 100% of your allocation expended
by the end of the fiscal year. Happy ordering!
If you have questions, please call
your Liaison or the Acquisitions Department