AgFirst utilizes Hyperion Planning to meet the budgeting needs of the District. Two planning applications within Hyperion are currently available: Workforce Planning for budgeting salaries and benefits, and Budget Planning for all non-salary-related financial accounts.
Workforce Planning is a dynamic tool that allows for budgeting at the employee or general ledger account level and is integrated with AgFirst’s Human Resources Lawson system for employee information. Salary and benefit values from Workforce Planning are passed to the Budget Planning application at a summary level.
Budget Planning allows for detailed income statement and balance sheet input at the general ledger account level. Associations can choose to have AgFirst prepopulate the current budget with prior year financial information and anticipated depreciation. AgFirst maintains a variety of input forms that allow for flexible methods of entry by Associations, including direct input, driver-based input and allocations. The input forms can be accessed through a web interface called Workspace or through Smart View. Currently, the creation of plan Balance Sheet values (i.e. loan volume, allowance, etc.) and related expenses occurs outside of Hyperion, either through an Association’s internally built Excel models or third-party software, and these values are uploaded into Hyperion.
In addition to budgeting, the Budget Planning application provides the ability to create forecasts at each month-end. Forecasts can be compared to actuals, initial budget or a prior forecast.