I have Obtain a real budget from a published source. Be sure the budget has sufficient detail to present a challenge.
Your tasks is as follows:
Using the existing budget, create a budget for the next fiscal year in Excel.
Set out the details of the assumptions you need to build this budget either as footnotes in Excel or in a Word document.
Use the “Checklist for Building a Budget” (Exhibit 15-2, p. 175 of the text) and critique your own effort. See Below
Checklist for Building a Budget:
1) What is the proposed volume for the new budget period?
2) What is the appropriate inflow (revenues) and outflow (cost of services delivered) relationship?
3) What will the appropriate dollar cost be (note: this Q requires a series of assumptions about the nature of the operation for the new budget period)
3a) Forecast service-related workload
3b) Forecast non-service related workload
3c) Forecast special project workload if applicable
3d) Coordinate assumptions for proportionate share of interdepartmental projects
4) Will additional resources be available?
5) Will this budget accomplish the appropriate managerial objectives for the organization?
Use the “Checklist for Reviewing a Budget” (Exhibit 15-3, p. 176 in the text) and critique the existing budget. See Below
Checklist for Reviewing a Budget:
1) Is this budget static (not adjusted for volume) or flexible (adjusted for volume during the year)?
2) Are the figures designated as fixed or variable?
3) Is the budget for a defined unit of authority?
4) Are the line items within the budget all expenses (and revenues, if applicable) that are controllable by the manager?
5) Is the format of the budget comparable with that of previous periods so that several reports over time can be compared if so desired?
6) Are actual and budget for the same period?
7) Are the figures annualized?
8) Test one line-item calculation. Is the math for the dollar difference computed correctly? Is the percentage properly computed based on a percentage of the budget figure?
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