Managing Budgets

Managing budgets is a set of skills in fiscal management, planning, and adherence to process that ensures the ability to maximize organizational group resources. Learning how to manage budgets strategically affords supervisors the insights necessary to establish and achieve realistic goals. Supervisors display skills through responsible allocation of funds, anticipation of future needs, proficiency in UIC budgeting policies, and cost estimates that are complete and thoughtful.

While not all supervisors at UIC have direct responsibility for budgets in their area, a basic understanding of practice in business operations encourages good decisions.

Managing Budgets in Practice

Behaviors

 

  • 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 where appropriate
  • Defines strategy to manage additional revenue streams

 

Resources

Instructor-Led Courses

Leadership Essentials, a two-day training session, is designed to provide new managers and supervisors with information required to function in their role more effectively. The training includes a pre-session assessment tool, facilitated discussions about managing work teams at UIC, detailed information about application of key HR policies and post-session management tools.