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19. Types of Budget Report

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Transcript

In order to undertake effective budget monitoring and control, the budget holder will need some form of report. During our previous sessions, we have covered a range of different reports all of which provide very useful information for budget monitoring. In some organizations, the financial system will only produce a limited range of budget management report. The budget holder must decide which type of report is most useful to monitor and control that particular budget. They may need to develop their own report in some cases. We will recap on the main styles of report in the following slides.

Reports are many and varied and include monthly variances, year to date variances budget year compared to the projected out term variances and comparisons of projected out turns months on months as variances. So decide what you want to monitor and design the appropriate report. All the variances give useful information. And even if they are not available on a standard report, the budget holders should now be able to calculate them easily. There are other monitoring reports that are very useful, such as the budget remaining report. This shows the budget used to date against the total annual budget for the year and the budget holder can then see how much budget is left to spend for the rest of the year.

An example is getting below. This is a month for report. And you might remember it from our previous lectures. salaries, year to date expenditure is 40,000. Without any commitment, and the budget used year to date is 40,000. Now, we're not doing a variance between the expenditure and budget.

What we're calculating is how much of our budget do we have left for the rest of the year. And in this case, as the budget for the year is 120,000. We know we have 80,000 left to cover the remaining eight months of the year. If we look at the equipment budget, the expenditure is 4000. And we have 2000 of committed expenditure So the budget year to date that has been used and committed is 6000. This compared with the budget for the year of 12,000, leaves our 6000 for the rest of the year.

And our trips, we can see that expenditure so far is 2000. But we have a commitment of 1500. Showing the budget used so far is 3500. against the annual budget of 6000 gives us a budget remaining of 2500. This information allows the budget holder to plan for the next eight months, how they're going to use their remaining budget. And report showing the unit cost variances is also very useful, and we will be covering this in a separate course. You have now come to the end of this section.

And hopefully you feel you can really take control. Having undertaken this course, you should understand the different techniques you can use to monitor and control your budget. You should also have a clearer idea of the different financial management reports that will be useful to you. If there are any areas that you aren't quite clear about, please go back to previous lectures and listen again.

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