Managing Budgets: Reviews and balances college, department, or unit funds while anticipating future needs.
Managing budgets is a set of skills in fiscal management, planning, and adherence to process that ensures your ability to the maximize resources of your organizational group. Learning how to strategically manage budgets affords you the insight that is necessary to establish and achieve realistic goals. The resource allocation skills expected of new managers are displayed through responsible allocation of funds, anticipation of future needs, proficiency in UIC budgeting policies, and cost estimates that are complete and thoughtful.
Managers should continue to develop resource allocation abilities to create budget proposals and translate UIC objectives into accurate budget plans.
Examples of Managing Budgets in Practice
- Budgets Allocates budget resources responsibly and balances college, department, or unit funds while anticipating future needs
- Demonstrates proficiency in following UIC budgeting policies and practices using required forms
- Prepares complete and thoughtful product and service cost estimates
- Prepares budget justifications and proposals that reflect department needs
- Translates UIC objectives, priorities, and analysis of current resources into accurate budget plans
- Considers additional revenue sources
- Defines strategy to manage additional revenue streams