Budget

  • Budget management is the planning, tracking and controlling of budget and spend throughout the initiative.
  • Costs can typically be split into rescources (i.e. the people) and non-resource (i.e. the conference/license costs).
  • Two types of costs need to be considered:
    • Forecast cost is an estimate of what we think the activity will cost.
    • Actual cost is the real cost which is being spent.

Budget Tracker

Click the DOWNLOAD button to access the Budget Tracker template.

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Hints & Tips

  • Know how and when the money will be spent over the initiative lifecycle.
  • It is useful to consider the costs to deliver the activity as well as have an understanding of the impact to the
    recurrent costs.
  • Update forecasts with actual spend.
  • Liaise regularly with your Finance Manager and report regularly to budget owners.
  • Budget management can be complex if the funding is from multiple sources so keep it formal and organised.
  • Agree tolerances and contingency with the Sponsors / overseeing body for the initiative.

At the start of the initiative, you might need to consider whether feasibility funding is required to gain a clear understanding of the scope of the initiative.

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