To employees responsible for budget and financial management functions, fiscal year 2020-2021 is now closed in CFS (Common Financial System). The Finance Data Warehouse may be utilized to report on the full year of 2020-21 fiscal activity. All future transactions and budget transfers should be directed to the open fiscal year, 2021-22.
The following process will be completed by July Month End Close:
All open purchase orders (POs) from FY 2020-21 (last fiscal year) have been rolled over to be encumbered against the new fiscal year (2021-22) budget allocations. Any unspent funding from last year’s purchase orders (Funds 70000, 70018, 70019, and 70020) will not be rolled-over to “fund” existing PO (unless otherwise approved requests from the roll-forward process submitted by the local division budget officers). The Office of Budget Planning & Financial Management will consult with division budget officers in the event that encumbrance balances exceed departments’ available year end balance.
The following process will be completed by August Month End Close:
As a reminder, Fund 70000 (CSU Operating) salary budgets will be reverted to the Centralized Compensation Pool, which allocates budgets based on monthly payroll after the monthly Labor Cost Distribution process completes, similar to the monthly benefits budget allocation. This process will take place in August in order to realign the base salary budgets in the divisions.
Please contact your Office of Budget Planning & Financial Management team member should you have any questions. Thank you to everyone who contributed to a successful closing of 2020-21!