Things You Need to Know
For further details regarding FY 2020-21 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 20/21 budget cycle, we require that each campus division submit the following:
- Complete model 20/21 in the PeopleSoft Campus Budget Module (CBM). Please align revenue sources with their uses. Budgeted revenue in all funds should be within a reasonable percent of historical actuals.
- 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 18/19, 19/20 and 20/21), as well as your area's challenges and opportunities. Templates will be provided.
- Multi-year budget template. In addition to your detailed budget for the upcoming 20/21 fiscal year which you will input in CBM, please prepare a high-level budget for the next two outyears. A template will be provided.
- Planned use of current departmental balances. With the exception of Sponsored Research and Stony Brook Foundation, if you have accounts with cash balances in excess of $250,000 and you have existing commitments against those balances, please identify those commitments. A template will be provided.
- 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 Senior Vice President for Finance and Administration or her designee.
- 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|
- The Federal Fair Labor Standards Act: Requirements increase the minimum salary threshold for exemption from overtime provisions to $35,568 ($684 weekly or $1,368 bi-weekly).
- 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