Mid-Year Review
Guidelines and Instructions
Business Office
FY 2015-16
2015-2016 Mid-Year Review
Each year the campus will conduct a comprehensive mid-year review during the month of January to identify any
problematic financial situations that have occurred or may be expected to occur prior to the end of the fiscal year,
June 30th. The objective of the mid-year review is to perform a division analysis of expenditures compared to
budget and identify material concerns (minimum of $25,000), either favorable or unfavorable, that may have a
material impact on the current budget. The scope of the mid-year review will include a comprehensive budget
review for all revenue and expenditure activities for all funds, including Operating, Lottery, Capital, Financial Aid,
Self-Support, and Trust funds.
Mid-Year Review Process: Divisions are required to provide a detailed analysis for each ColleagueAreaID and a
written report submitted to the Business Office addressing material items ($25,000 or greater) that will have an
adverse affect on the current budget by fiscal year-end. The Division reports will serve as an attachment to the
comprehensive Mid-Year Review report that will be prepared by the Business Office for the President’s review.
Analysis/Scope: The department analysis should consist of a reconciliation of transactions to the Colleague
Financial System through December 31, 2015, and estimates for the remaining six months of the fiscal year ending
on June 30, 2016.
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Operating Fund Analysis: The department analysis should consist of a reconciliation of transactions to the
Colleague Area Report based on the AreaLevel.
Financial Aid, Trust Fund Analysis: The analysis should consist of a reconciliation of transactions to the
Colleague Fund Report and should be based at a Fund level. Each operation must be reviewed to
determine whether it will maintain a positive cash flow to comply with regulatory provisions. Mid-Year
projections will be used in determining available fund balances for the subsequent fiscal year.
Grants and Contracts (Fund 12): Reconciliation of grant funds will be at the Colleague TOPSlevel. This
information will then be provided to the Dean and VP with administrative oversight for respective grant
areas as support to the overall report.
Report Content: Each Division is required to provide a memorandum commenting on the outcome of their
financial review process and include comments on the financial condition of each area level. Favorable and
unfavorable variances of $25,000 or greater, and the cause, must be identified and explained in the written report.
Additional suggestions to note within the report include service level changes, growth issues, unmet needs, trend
issues, new programs, reserves or other factors that currently have or are expected to have an impact on the
budget.
Supporting Schedules and Reports: The primary objective of the Mid-Year Analysis is to determine if the funds
available for the remainder of the fiscal year are adequate to maintain planned service levels. The following reports
are provided to assist you in completing the required mid-year financial analysis:
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The Mid-Year Area Level Report is designed to determine budget balances at June 30 by adding year-todate actuals and estimated projections (by account code) for the operating fund.
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The Mid-Year Fund Level Report is designed to estimate the year-end balance in the fund as of June 30th.
Projections are done for both revenue and expenses at the account code level.
Business Office
Page 2 of 6
December 2015
2015-2016 Mid-Year Review
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The Division Summary is meant to link to all Mid-Year Area Level and Fund Level reports and provide
summary information at the division/area level.
The worksheets above are required to be completed for each area or fund and submitted (along with the memo) to
the Business Office by each Vice President, to demonstrate support of the final projections.
Please refer to the Business Office web site for all mid-year documents:
http://www.hartnell.edu/business-office
Technical and Financial Data Information: Account balances will reflect a summary of the following type of
transactions that have been processed through December 31, 2015:
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Vendor payments and encumbrances
Receipts
Expenditure transfers/Journal entries
Budget transfers and augmentations

Please coordinate with other budget representatives to ensure that all planned budget transfers
between areas/divisions are accounted for in both area budgets, and the net balance of the
transactions equals zero.
Expenditure Transfers: Expenditure transfers must be included when projecting expenses. If an expense is
being transferred out, it is a reduction to the department’s expenses. The department receiving the expenditure
will show it as an increase to expenses. Coordinate with the appropriate department to ensure that all planned
expenditure transfers are accounted for in both areas’ projected expenses.
Cost Projection: The mid-year review provides the opportunity to look at what funds are remaining to cover
expenses over the next six months. This is the time when you project the expenses expected from January
through June that must be covered with the budget available. Some things to keep in mind when projecting the
remaining year expenses are:
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Business Office
Will current monthly costs stay constant? If so, the YTD costs will be the projected costs also.
Non-bargaining unit or temporary employee salary increases that will not receive a budget
allocation should be included.
Are you expecting to purchase equipment in the next 6 months?
Will budget transfers take place to either increase or decrease your funds?
Is there an annual one-time expense that has not occurred yet?
Historical information is always helpful. Look at your June 30 Area or Fund report from the prior
year to see what account code actuals were and what your budget balance available was.
Plan with the chance of unforeseen expenses popping up.
Page 3 of 6
December 2015
Mid-Year Area Level Report
It is suggested that you have the Mid-Year Area Level Report form open before you start this process.
A
B
C
D
E
F
G
H
I
J
K
L
Projections
Year-End Balance
Mid Year Budget Review
as of 12 - Jun and FY 2014-2015
Area
Fund
TOPS
11 Unrestricted General Fund
All
`
2014-2015 ( Y T D t hro ugh 11/ 12 / 14 , ~3 7 % c o m ple t e )
Area Title
Major Object
xxxxxx Department 54 Supplies & Materials
GL Account #
11_xxx_00_xxxxxx_54300
55 Other Operating Expenses & Svcs 11_xxx_00_xxxxxx_55100
1
TOPS Title
Object Title
Original Budget
xxxxxx Department Supplies & Materials
xxxxxx Department Personal Service Contract - 1099
YTD Actuals
Encumbrances % of Budget
15,906.00
284.66
579.48
2%
488.60
14,553.26
800.00
0.00
0.00
0%
0.00
800.00
3,000.00
1,140.00
0.00
38%
1,956.72
(96.72)
12,000.00
7,160.55
0.00
60%
12,290.50
(7,451.05)
11_xxx_00_xxxxxx_55105
xxxxxx Department Contract Services
11_xxx_00_xxxxxx_55200
xxxxxx Department Travel & Conference
11_xxx_00_xxxxxx_55300
xxxxxx Department Memberships
380.00
0.00
0.00
0%
0.00
380.00
11_xxx_00_xxxxxx_55105
xxxxxx Department Contract Services
196,250.00
62,883.29
10,150.00
32%
107,934.01
15,282.70
11_xxx_00_xxxxxx_55400
xxxxxx Department Insurance
300,000.00
99,022.00
0.00
33%
169,963.13
31,014.87
11_xxx_00_xxxxxx_55635
xxxxxx Department Printing Services - Vendor
65,000.00
18,711.03
34,616.47
29%
32,115.95
(20,443.45)
11_xxx_00_xxxxxx_55650
xxxxxx Department Maintenance Agreement
XXXX Departm ent - Sum m ary
51,000.00
9,090.68
0.00
18%
15,603.41
26,305.91
644,336.00
198,292.21
45,345.95
22%
340,352.30
60,345.54
Hartnell College, 411 Central Avenue Salinas, CA 93901
Contact Hartnell Phone: 831-755-6700
© 2014 Hartnell College - Fully accredited by the Western Association of Schools and Colleges
1 Need to move budget from Contract Services to cover projected travel and conference expenditures Jan - June
Report results:
1. Columns G, H, and I represent summary (by object code) financial information from Colleague through
December 31. Detail of the summary financial figures may be found by running the Colleague GLBS report
through December 31.
2. Column J is the percentage of budget spent as of December 31. Areas that significantly exceed or are below
50% may require additional research.
3. Column K is an “automatic” projection of expenses January – June, based on expenditures for the first half of
the fiscal year. If projections for your area/fund/TOPS will be different, you must manually update the
projections by typing in a new amount over the automatic projection in Column K.
4. Column L will automatically recalculate when you enter new projection amounts.
5. If you need to add a row for an additional account code, be sure to copy the formulas in Column L into the
added row, ensuring that your “bottom line” is accurate.
6. Use Column A to number comments/notes you might want to add below the worksheet (see sample).
7. If you adjust encumbrances, consider whether to adjust projected expense to cover cost of encumbrance.
8. Salary and benefit expense are included in the projections based on first six months expenditures. If you
have adjustments to salary be sure to make the proper adjustment to benefit projections, as well.
9. Anticipated expenditure transfers (debit or credit) should be included in operating expense estimates.
NOTE: Fund Balance Use. Self-support, Trust & Grant Funds cannot end the year in a negative balance. If it is
estimated that current fiscal year expenditures will exceed revenues, the accompanying memo must address how
the shortfall will be eliminated. Please contact the Business Office for assistance if needed.
The Business Office recommends that if year end balances show a sizeable variance from your original budget, that
budget adjustments be made. Please contact the Business Office for additional information.
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The Division Summary Worksheet will provide a high level analysis of the division. This summary (sample below)
must be submitted with supporting Mid-Year Analyses, and the explanatory memo. The Business Office will require
an electronic copy of the Division Summary Worksheet, as well.
Division Summary worksheet
Division: Academic Affairs
Preparer:
VP
Dr. Kildal
Dr. Kildal
Dean/Director
Shannon Bliss
Dr. Atallah
Budget Manager
(for
grants/contracts Fund Area Tops
Bronwyn Moreno
12 300 703800
11 350 095200
Budget
50,100
287,000
Projected Projected Year Comment - see attached
Expense
End Balance
analysis for detail
50,200
(100)
286,000
1,000
2015-2016 Mid-Year Review
2015/16 Mid-Year Review Timeline
Task Description
Date
Responsibility
Mid-year guidelines distributed
and posted to the web
December 10
Business Office
December financial close
January 12
Accounting
One-on-one assistance (by
request)
January 19 – February 10
Business Office
Mid-year analysis performed
January 19 – February 10
(4 weeks)
Business Office & Divisions
Division mid-year reports
submitted to Business Office
February 10
Vice Presidents
Division reports reviewed
February 10 – February 26
(2 weeks)
Business Office
Comprehensive mid-year report
reviewed
March 1
Controller and VP, AS
Mid-year report submitted to the
President
March 8
Business Office
Business Office
Page 6 of 6
December 2015