To: MOU Leads
From: McGregor Bell, Director, Budget Office
Date: April 1, 2015
In ConnectCarolina, the formula allocation portion of the F&A budget will be allocated every year on a non-recurring basis. This is a change to the prior process in which the formula allocation budget was allocated on a recurring basis, with incremental adjustments made every year.
This new process has already begun. This year, the FY 2014-15 formula allocation was processed in FRS with a permanent budget adjustment. In order to be in sync with new approach, the permanent portion of the formula allocation was removed just after ConnectCarolina went live.
Beginning in FY15-16, the formula allocation will be identifiable by the field JOURNAL ID which will have a value that begins “FORMYY” where the last two characters represent the year. One benefit of this approach will be that users will be able to more easily distinguish between permanent allocations, formula allocations and non-formula non-recurring allocations.