SENIOR ANALYST

Reporting to the Budget Director, the Senior Analyst will play a key role in ensuring operational and central administration areas in their portfolio meet financial and budget objectives and capitalize on new opportunities.  This position provides expert guidance and support for all facets of financial management of the Parking & Security and Housing & Conference Services departments as well as coordinating the Administration envelope budget submission, increasing the knowledge and awareness of the budgeting process through working independently with department managers in planning budgets and ensuring timely and detailed financial reporting.  The Senior Analyst develops, recommends, implements and monitors the annual budget to ensure that adequate financial controls are in place and that they are in accordance with University policies and procedures.

Budget/Projection Preparation

• Create and gain agreement to a budget preparation timeline and schedule of meetings to compile budgetary recommendations from each department, plan operational and project budget needs by analyzing plans and fiscal requirements on both a short- and long-term basis, prepare operational budgets, review draft financial reports, and finalize budgets to meet deadlines for presentation, to include:
  • Senior leaders
  • Department managers
  • Assist senior leaders in presentations to the VP Administration and Budget Committee
• Enter all  budgets and projections in Hyperion:
  • Review pre-populated labour data for accuracy and prepare forecasts of cost and FTEs based on discussions with managers
  • Prepare budgets and projections for all other revenue and expenses to enable monthly tracking of actuals
• Create detailed back-up schedules for budgeted revenue and expenses
• Explain material changes in budget including year-over-year analysis of revenues, expenses and FTE counts to support historical understanding and future planning
• Suggest options, strategies and approaches for operational and procedural improvements and cost saving measures
• Comment on risks and opportunities
• Provide guidance on content of the budget narrative, and complete required financial schedules
• Interpret budget guidelines and advise on matters related to budget presentation and submission
• Develop what-if scenarios as required
• Consult on recommendations for changes to benefit rates

Analyze Actual Results

• Monitor and maintain financial obligations, verify and reconcile expenditures of budgeted funds using various financial systems to ensure the accuracy of the department’s financial statements
• Monitor and address currency and inflation issues impacting the department’s budget
• Produce financial reports to analyze variances compared to budget, projection, and prior year, delivered within five working days of month-end close:
  • Overall monthly state of finances for the department and detail by area of responsibility, including analysis of labour charges by employee against the most recent projection
  • Quarterly updated projections for revenue and expenditures
  • Year-end documentation, including monitoring and interpreting accounts and making financial recommendations
• Schedule monthly meetings with senior leaders and department managers  to review budget status, accounts, budget requests, and identify related financial areas requiring attention
• Provide early warning of projected variances to enable preventive measures
• Notify Executive Assistant and/or department managers of transactions to be processed and anomalies requiring correction, including HR Event Forms, journal entries, and year-end accruals; identify potential issues of compliance with University and department budget policies and financial procedures
• Communicate any delay in delivering actual results

Financial Management

• Work with the senior leaders to determine financial priorities and plans for the department; act as an advisor for the purposes of making informed short and long-term strategic financial decisions including staffing plans, department resources, and quality management initiatives
• Plan, develop and coordinate the preparation of financial analyses and reports including, but not limited to, operational budgets, financial statements, statistical reports, cost analyses and other financial information
• Provide training, guidance and advice to departmental managers and administrators to facilitate improved understanding of the budgeting process and financial reports
• Recommend improvements to financial reporting structure
• Provide information necessary to complete transactions