We are pleased to share that the university is implementing a new budget system beginning this fall. The new platform, which is named RAPTOR (Resource Allocation Planning Tool for Operational Reporting), creates significant process improvements that streamline and standardize resource planning across campus.
RAPTOR will provide a single source of truth for budget and financial data and a unified set of tools for many budget process tasks. It will integrate regularly updated data from Banner, providing accurate information and timely reporting capabilities. It will bring together budget processes that are currently accomplished through several separate practices, including:
- Data entry
- Request descriptions
- Reporting
- Review
- In-year forecasting
- Long-term forecasting
- Labor planning (replacing merit spreadsheets)
- Budget planning for all indexes (including endowment, gifts, and LU Funds)
Project Timeline
| Phase I - Fall 2024 | Phase II - Spring 2025 | Phase III - Fall 2025 | Phase IV - Spring 2026 |
|---|---|---|---|
| RAPTOR adopted campus wide | RAPTOR used for approval process | RAPTOR used for off-cycle budget requests; LADL tools available | Budget dashboard and reporting |
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Resource Planning Comparison
| Process Comparison | Existing Resource Planning Process | RAPTOR Resource Planning Process |
|---|---|---|
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Efficient and decision oriented; Minimize end-user effort |
No | Yes |
| Spreadsheet based; various formats | Yes | No |
| Unified approach; streamline effort across campus; streamline user experience | No | Yes |
|
Develop, track, forecast and manage budgets/projections through the year |
No | Yes |
|
Increase transparency, accuracy and confidence in budgets and forecasts |
No | Yes |