BudgetPro Enhancements Benefit New, Veteran Users

Whether your electric cooperative uses a hodgepodge of Microsoft Excel spreadsheets to manage its budget or has been using CFC BudgetPro for more than a decade, there is something new for every type of user in the latest version of BudgetPro that was released this summer.

“The new improvements have really helped us be more accurate and better budget our power cost for how we get billed from our power supplier,” Cimarron Electric Cooperative Senior Vice President of Finance and Administration Mark Andrews, a user for more than 10 years, said. “BudgetPro provides us with a way to enter all aspects of our income statement and operating budget in one spot. It also provides an avenue to compare data to budget projections and also the proforma data that we have entered. It allows us to get a very granular look at our budget.”

CFC BudgetPro is a Microsoft Excel-based tool specifically designed to assist electric cooperatives of all sizes in preparing their annual budget. It is user friendly and flexible. Whether your system budgets at a comprehensive or aggregate level, BudgetPro assists in accumulating, assembling and classifying the vast amounts of data involved in the budget process.

Earlier this summer, CFC released Budget Pro 5.10.1 with the following enhancements:

• Capability to import departments, pro forma operating statement amounts and certain employee data.
• New troubleshooting feature to identify common export file errors.
• Optional use of load factor to project power supply demand levels and cost.
• Expansion to four rate blocks within Power Cost for demand and energy costs.
• Ability to defer Retirement & Security benefits by employee.
• New RUS ratios.
• A new BudgetPro tips and tricks publication to help members navigate the tool more effectively and efficiently.

While Black River Electric Cooperative Chief Financial Officer Cody Eaves, a 15-year BudgetPro user, has not had the need to try the new features yet, he does not understand how electric cooperative employees could get by without something like BudgetPro. “Adopting new technology and tools can be scary. But this comprehensive tool has produced the best ability to accurately budget our operation. In today’s rising wholesale power rate environment, budget accuracy is of supreme importance.”

Tri-County Electric Cooperative Chief Financial Officer Carla Mihalovich, a five-year user, is tapping BudgetPro 5.10.1 for her Cooperative Financial Professional Certificate capstone project. “Adding the rate blocks for the power costs is going to be very useful, and the import employee option will be very beneficial on initial setup.”

CFO Advice for New, Experienced BudgetPro Users

Eaves has some advice if you are considering CFC BudgetPro. “My advice to users, both new and veteran, would be to invest the time,” Eaves said. “All of us have to cut off budgeting planning at some point and present a final product. I have learned over our years of usage that the more effort and time we invest in BudgetPro, our accuracy continues to climb. I also recommend starting with evaluating last year’s budget to actual results before diving into the next budget year.”

Setting up BudgetPro does take time and consideration. “Once you make the initial investment in time, the budgeting process is more streamlined,” Mihalovich said. “CFC is constantly looking for ways to enhance their financial tools. I would highly recommend BudgetPro.”

Andrews recommends BudgetPro users take full advantage of the training and publications CFC provides to assist with the electric cooperative budget-making process. “CFC is always more than willing to help and assist with the tool,” he said.

CFC is working to expand the BudgetPro data import capabilities in the next version—planned for release in spring 2025.