Things You Need to Know
For further details regarding FY 2018-19 information, please refer to the Budget Call Letter.
- Budget Development: It is important that our budget development strategies lead to concrete and measurable outcomes consistent with stated priorities. For the FY 18/19 budget cycle, we require that each campus division submit the following:
- Complete model 18/19 in the PeopleSoft Campus Budget Module. Any budgeted revenue (i.e. negative allocation) must be substantiated by historical experience.
- Prepare a presentation for the Budget Working Group (BWG). This should include a three year overview of your all-funds operating budget (resources and commitments for 16/17, 17/18 and 18/19), as well as your area's challenges and opportunities.
- This year, all available Central Funds dollars are being targeted to offset a portion of the contractual salary increase costs. Consequently, we are requesting that you self-fund strategic investments.
- Lastly, the preparation of a narrative is optional, and should be used to supplement the content of your presentation file.
- IFR Accounts: In the current budget climate, we will be increasing scrutiny on the use of reserves in IFR accounts. Please use this budget cycle to address structural imbalances by reducing expenses.
- Any 6/30 deficit (as determined by the Accounting Office’s review of your accrual sheets), not accompanied with an approved deficit reduction plan will be debited from the new year’s State operating funds. To see the IFR Deficit Policy, click here.
- When budgeting IFR activity, please keep budgeted revenue and budgeted expenses within 10% of your historical actuals. This 10% limit applies to activities above $50,000. Exceptions require approval from the Vice President for Finance.
- New York State Minimum Wage Plan: In April 2016 a statewide $15 minimum wage plan was enacted. For workers in Nassau, Suffolk and Westchester Counties, the minimum wage would increase by $1 each year until reaching $15 on 12/31/2021. If this impacts your area, please adjust your planned expenditures accordingly.
General Minimum Wage Rate Schedule
|Long Island & Westchester||$10.00||$11.00||$12.00||$13.00||$14.00||$15.00|
- For RF Employees Only: The State Fair Labor Standards Act (FLSA) minimum salary threshold for exemption from overtime provisions was increased to $39,000 ($750 weekly or $1500 bi-weekly) effective December 31, 2016. This change impacts only certain RF positions which pay less than $39,000 (annualized). Where incumbents in these positions work more than 40 hours a week, they may be entitled to overtime compensation at 1.5x the normal hourly rate. The minimum salary threshold is set to increase every year as follows:
Minimum Salary Threshold