Reporting & Budget Analyst (2 Positions) (Financial Services)

Trent University is actively committed to creating a diverse and inclusive campus community and encourages applications from all qualified candidates. Trent University offers accommodation for applicants with disabilities in its recruitment processes. If you require accommodation during the recruitment process or require an accessible version of a document/publication, please contact humanresources@trentu.ca.

Job Purpose:

The Reporting and Budget Analysts provide financial analysis, information, and support to Financial Services and departmental budget owners as it relates to the in-year and year-end financial reporting and budgeting processes. Ensures a team approach to budget development and regular monitoring, analyzing, and reporting of actual performance relative to the approved operating and ancillary budgets.

The Reporting and Budget Analysts facilitates maximizing returns on financial assets by preparing and regularly updating cash flow projections. Responsible for analysis and review of account reconciliations such as cash, prepaid expenses, capital assets, and deferred capital contributions portfolios of Financial Services.

This multi-incumbent position assists in financial modelling and scenario planning. Assists the Manager, Budget and Reporting with drafting the budget planning guidelines, the annual Budget Report and maintaining accuracy of the budget information entered into the financial system. Contributes to enhanced financial monitoring and reporting throughout the fiscal year.

Assists with the preparation of the year-end audit working papers, including the supporting documentation relied upon by the Director, Institutional Financial Reporting in preparing the annual financial statements and the audit of the University’s financial accounts.

This position works collaboratively with colleagues providing meaningful information used in decision making, ensuring specified internal controls are exercised, meeting expected deadlines, maintaining appropriate records, and providing exemplary customer service.

KEY ACTIVITIES:

In-year Reporting:

• Ensure accurate transaction recording for monthly departmental reports, identifying and correcting discrepancies. Including but not limited to:

1. Regularly review continuity schedules (e.g., prepaid expenses, short-term investments, appropriations, deferred capital contributions).
2. Reconcile general ledger accounts with Synoptix and other reports, ensuring updates are reflected.

• Manage journal entries for transferring approved carry forwards and appropriations to departmental budgets, including funds reserved for long-term initiatives (e.g., capital projects).
• Prepare cash flow projections, monitoring and updating on a regular basis, advising when cash balances may be lower than established thresholds for sustaining regular operations and providing recommendations when excess cash balances are available for short-term investment.
• Monitor departmental budgets by comparing actual spending to budget on a regular basis.Prepare the draft Financial Update for the AVP Finance and the Board of Governors on a regular basis.
• Prepare sensitivity analysis considering variable economic factors for financial updates or other reports as requested.
• Prepare financial metrics calculations, updating and monitoring results in the financial metrics dashboard that is relied upon by the AVP Finance and senior management for proactive/corrective actions and decision making.
• Assist with financial planning on US currency transactions.
• Prepare fund variance analysis by comparing current year activity to budget and prior year on a regular basis.
• Prepares regular analysis and supporting documentation of specific revenue and expense accounts for allocation in compliance with COFO and other reporting requirements.
• Work with budget developers to determine financial reporting needs. Collaborate with the Financial Systems Analyst to leverage technology and processes to meet these needs.
• Performs other duties and supports the Finance team as assigned by the Manager, Budget and Reporting.

Budget Development & Support

• Assist in the development of the University’s annual operating and ancillary budgets.Support may include but is not limited to:

1. Collating key financial planning assumptions and to prepare the draft report of recommendations for consideration by senior management.
2. Assists the Manager, Budget and Reporting in drafting the budget guidelines.
3. Updating the Budget Adjustment template used by budget owners to submit budget requests, as needed.
4. Assisting with preliminary departmental base budgets for salaries, benefits, non-staff expenses and cost recoveries for budget owners annually.
5. Circulating the budget packages to the budget owners.
6. Preparing analyses of historical supplementary information for decision making, such as use of appropriations and balance of reserve funds.
7. Compiling the list of operating and ancillary new investment requests and changes submitted by budget owners for senior administration’s consideration.

• Assist in financial modelling and scenario planning, in preparation of the annual budgets, in development of new programs and/or services, or in planning for potential revisions to in-year budgets impacted by changing fiscal environmental factors.
• Prepare communications to budget owners regarding the budgetary process. Timeline reminders, clarification requests, budget instructions, and coordinates meetings with budget owners, as required.
• Draft the Budget Report for review by the Manager Budget and Reporting and the AVP Finance based on the approved new investments and final annual budget.
• Assists with the compilation of the University’s multi-year Capital Plan.

Budget Monitoring

• Collect detailed information from budget owners for entry into the financial system, entering the approved budgets upon Manager approval, ensuring appropriate allocation in the university’s financial software.
• Upon approval, process in-year budget transfers and allocations.
• Provides budget approval of Staffing Request Forms for non-faculty positions in the operating and ancillary funds.
• Calculate and prepare journal entries for transactions driven by budget requirements for review by the Manager Budget and Reporting.
• Update the budget model using information obtained from the Manager Budget and Reporting and other individuals.
• Provide training to budget owners to help them better understand their departmental budget and university processes related to budget.

Year-end Financial Reporting:

• Support the interim and year-end audit of the consolidated financial statements of the University. Work with Financial Services staff and the external auditors regarding preparation of supporting documents, responding to audit queries, and preparing account reconciliations and variance analysis as required.
• Assist in preparing the University’s annual Financial Report to the Council of Ontario Universities (COU). This detailed report is considered the reference for financial information about the university sector in Ontario by the provincial government. This report requires considerable manipulation and supplementary analysis of the data to convert the financial information from the University’s financial statements prepared under generally accepted accounting principles to the reporting format required by COU.
• Prepare journal entries for carry forward of unspent departmental budgets, including those exempt from President & Vice-Presidents’ Group approval and those approved after review. Summarize and communicate approved carry forwards to Budget Developers.
• Prepare journal entries for the central appropriation of operating budget surplus, aligned with recommendations from the President & Vice-Presidents’ Group and Board approval.
• Assist in preparing the annual COU-COFO Financial Health Surveys and other reports or surveys as required.
• Prepare annual benchmarking analysis and charts, based on COFO-UO reporting data.

Capital Reporting

• Regularly review capital asset sub-ledger reconciliations for review by the Manager, Budget and Reporting, ensuring appropriate asset category, componentization, and classification as restricted or unrestricted.
• Regularly reconcile restricted assets to deferred capital contributions.
• Prepare reports on capital project activity, ensuring accurate classification of transactions and proper recognition of asset values upon project completion.
• Prepare audit schedules and supporting documentation related to capital assets, deferred capital contributions and investment in capital assets for the year-end financial statements.
• Annual reporting on additions and disposal to Risk Management regarding content insurance coverage.
• Prepare Statistics Canada and other surveys, inquires and submissions related to capital items for review by Manager, Budget and Reporting.

EDUCATION REQUIRED:

• Honours Bachelor’s Degree (4 year) in Finance, Business, Accounting, Economics, or a related field.
• Professional accounting designation required.

EXPERIENCE/QUALIFICATIONS REQUIRED:

• Minimum five (5) years of recent, relevant financial analysis, operational budget, and accounting experience (preferably within a university environment), including two (2) years of audit experience (preferably within a public accounting firm).
• Working understanding of fund accounting.
• Strong analytical, financial and systems skills, including advanced spreadsheet and modeling skills.
• Experience using decentralized computerized financial systems (preferably Colleague) integrated with third party vendors.
• Proficient in MS Office suite of products, with advanced Excel financial and statistical functions.
• Able to prioritize multiple, conflicting deadlines.
• Self-motivated, resourceful, work independently and collaboratively.
• Meticulous attention to detail.
• Effective verbal and written communication skills.
• Excellent customer service skills.
• Excellent problem-solving skills.