Budgeting and Forecasting

Budget preparation

• Forecasting current year expenditure and revenue

• Collaborating with directors

• Estimate personnel cost increases (merit and benefit increases)

• Completion of a balanced proposed budget

• Creation of the budget book

• Fulfill noticing requirements

• Present to and work with budget committee

• Present budget to council or boards for adoption

• Import of budget into accounting software
   

Supplementary budget preparation

• Mid-year budget adjustments

• Identify overspending

• Create the documents for board approval

• Fulfil noticing requirements

• Update accounting software
   

Forecasting

• Build historical revenue and expenditure tables

• Use historical data to reveal trends

• Use the trend to forecast potential revenues and anticipate expenditures
   

Budget calendar

• Identify and publish calendar

• Identify critical dates

• Keep process on track