The Executive Summary Report is a report designed to give managers a snapshot view of their office's spending through a given month. The report provides information on cumulative spending to date and spending in the current month. This report shows annual budget, current month activity, total YTD spending, balance remaining, and percent of annual budget spent. Below are explanations of the specific items in the report.
As Of Line: Provides effective date of report, which is always the last day of a month. And, provides the accounting period for the report, expressed as the fiscal year and the accounting month. The accounting month begins with 1 = October; 2 = November; through 12 = September. All transactions recorded through the effective date will be reflected in the report.
ORGN: Provides organization code (also known as "cost center") and the narrative title of the organization.
BFY/FUND: Describes the Budget Fiscal Year and the Fund Code for the Organization.
COST CATEGORY: These are categories of spending, called "budget object classes". For example, budget object classes identify the cost categories for labor, overtime, travel, printing, contracts, ADP purchases, supplies, equipment, and other related items. The lines below provide objects related to Compensation and Benefits with a sub-total followed by all other objects with a sub-total. The bottom line provides a BFY/Fund Total of all objects for the Organization.
ANNUAL BUDGET: This displays the budget available through end off the quarter, from an office's fiscal plan. This figure is cumulative from quarter to quarter. Each quarter the quarterly budgeted amount, from the office's fiscal plan, is added to the column. The budget is then broken down by cost category to display the budget available for each of the categories. (For more information on preparing fiscal plans, refer to OFM-4.)
CURRENT MONTH ACTIVITY: This is the amount of spending, broken down by cost category, which transpired during the month of the report.
TOTAL YTD SPENDING: This is the total cumulative amount of spending which has taken place from the start of the fiscal year (October 1) through the end of the month of the report.
BALANCE REMAINING: This is the total amount still available for spending for the remainder of the quarter, it is the difference between Annual Budget and Total YTD Spending columns.
PERCENT OF ANNUAL BUDGET SPENT: This is the percent of the budget YTD spent through the end of the current month. This is a useful gauge of spending for certain object classes, particularly those related to compensation and benefits, since those costs are incurred on a regular basis throughout the year.
For additional information contact your OFM Budget Analyst: