Budget Formulation

Compiles, analyzes and summarizes probable financial income and expenditures, and allocates funds for a specific purpose within a given time frame.

Key Behaviors:

  • Develops models or projections by studying past results, relationships, and data to anticipate future trends and events.
  • Serves as an advisor and assistant in budget formulation, presentation, and execution services and documentation.
  • Considers timing/milestones in the budget cycle; recognizes differences in fund sources and types (e.g., appropriated, non-appropriated/gift funds), and applies established SOPs.
  • Provides estimates for proposed new initiatives and other projects and prepares appropriate supporting justifications, explaining relationship to organizational goals and objectives.
  • Identifies need for an inter-agency, intra-agency (IAA) or cooperative research and development agreement (CRADA) / renewal, or memorandum of understanding (MOU).
  • Facilitates strategic, operational or programmatic resource decisions.
  • Researches and resolves discrepancies in budget information.
  • Enters, manages, and maintains/updates data in a timely and accurate manner to support the Federal and NIH budget processes, utilizing applicable resources.
  • Ensures that data in accounting and financial management systems are current.
  • Discusses the purpose and benefit of budgeting.
  • Explains the planning and control functions of revenue budgeting.
  • Applies strategies to analyze financial statements and uses related information in budget preparation.
  • Uses guidelines for establishing effective budget objectives.
  • Demonstrates knowledge of various types of budgets (e.g., program based, fixed budget).
  • Identifies the appropriate budgeting strategy for the applicable situation.
  • Explains complex budgeting calculations (i.e., pricing indexes).
  • Gathers information on prior year(s) spending, projected funding/resource needs (i.e., salaries/benefits; capital, operating and other expenses) and budget priorities to facilitate timely development of budget requests and supporting justifications.
  • Helps determine priorities and weigh alternative strategies.
  • Prepares budget based on direction from budget and finance.

Developmental opportunities for this competency are available from the NIH Training Center.