Redesigned budgeting, forecasting, and management reporting processes, including tuition revenue model

I am sharing an update on the Strategic Plan deliverable I’m leading, which falls under our commitment to being a people-focused organization. This multiyear focus includes redesigning processes, systems, and structures to enhance our agility and effectiveness, empower our people, and to embed sustainability.

Our work began in 2021 and we continue to make strides in streamlining, reporting, and improving the efficiency of our financial processes to support decision making for both academic and strategic planning. This year we focused on:

• Developing multiyear forecasting for both operating, capital and cash flow to ensure that the BCIT community understands the long-term impacts of decisions on operational and financial sustainability and how it supports the Strategic Plan.
• Implementing monthly variance reporting to allow schools and departments to inform and share how their operational costs are tracking to budget.
• Creating a program costing model that provides basic information. A more comprehensive costing model will be available once we release a new chart of accounts.
• Starting the Chart of Accounts Project (FOAPAL) that will enable us to better track our cost and provide analytics to support decision making and change our budget model. This project will help streamline workflow and create other functionalities in Banner, BCIT’s Enterprise Resource Planning (ERP) system. Other service areas such as Human Resources and the Registration Office will also benefit from this important work.

This year has primarily been a planning year, working with the BCIT community to design the new Chart of Accounts. Next year, we will continue working with the community to shift its focus to preparing for implementation. Funding permitting, another area of focus would be to address the Institute’s budget model in order to realign revenue and costs and improve transparency and accountability.

Thank you,

Commitment: People-focused organization
Initiative: Process and system redesign
Deliverable: Redesigned budgeting, forecasting, and management reporting processes, including tuition revenue model
Deliverable lead: Elizabeth Kao, Senior Director, Strategic Financial Planning & Business Intelligence