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Effective Budgeting

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by

Cameron Wathey

on 21 June 2014

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Transcript of Effective Budgeting

Fun
Budget Times
How We Work
What is a budget?
Step 3
Priorities Approved in Principle
Step 6
Consultation and Detailed Budgeting of Committees and Commissions
Step 4
Budget
Committee Evaluates
Step 1
Review of the Budgeting & Planning Framework
Step 5
Recommendations of Large Allocations Approved
Step 2
Planning & Priority-Setting Exercise
Board of Directors
Executive Committee
Standing Committees
Commissions
Board of Directors
Budget Committee
Board of Directors
The Basics of the Budget
AVENGERS ASSEMBLE!
Captain America says you
need to know the basics

A budget is an itemized listing of the amount
of all estimated revenue that an organization anticipates receiving, along with a listing of the amount of all estimated costs and expenses that will be incurred during the given period of time
Lists priorities of the Students' Union
Changes throughout the year
Verifies expenditures & revenue sources
Is guided by budgeting frameworks
Revenue
Expenses
Fiscal Year
Deficit
Surplus
When expenses exceed revenue
When revenues exceed expenses
The UTSU's Fiscal Year is from May 1 to April 30.
The daily cost incurred in running and maintaining and organization
Monetary amount of membership dues, as well as earnings from interest and the sale of products, merchandise, and services
Depreciation
Expense allowance made for wear and tear on an asset over its estimated useful life.
Service Groups
The UTSU collects membership fees for several groups based on a value set through referendum. The fees collected are directly transferred to the assigned group
Audits
As a not-for-profit corporation. The UTSU is required annually to hire auditors examine the finances of the Union.
Presented by Cameron Wathey & Sandy Hudson
An audit is a detailed examination of an organization's financial statements and records for the purpose of determining that they are sufficiently accurate and properly representative
Fixed Costs
Some budget items have fixed costs and increases, typically related to human resources, health & dental premium increases and multi-year contracts
The key players
Who gets to play with the budget?
Chief Financial Officer: Vice-President Internal & Services
Budget Committee
Executive Director
Financial Coordinator
Board of Directors
Full-time Staff Members
There is an 8-step process so we must
FOLLOW IT
Executive Committee
Standing Committees
Commissions
Step 7
Develop Detailed Recommendations and Allocations Based on Step 6
Budget Committee
Step 8
Final Budget Plans Approved
Board of Directors
Preliminary
Budget
Operating
Budget
A budget is also a "living" document that:
Don't be like Loki
We have to budget appropriately and follow the process.
The Books
Close!
The fiscal year for UTSU is from May 1 to April 30. Any expenses or revenues received after go into the next year's budget... if you can get past the Black Widow
Make the Budget Sustainable
Occasionally, there will be some budgets that have gone under budget. When this happens, the surplus should be used sustainably as to not hurt future years where there is a deficit or smaller surplus.
Over Budgeting
While it's great to be ideal and think big, but we have to be realistic with the budget. Otherwise, when projects don't go as planned, you don't take away funding from other projects that could have used it
Nick Fury says:
When you have a surplus the money goes into the reserves to cover the Union for year's with a deficit. The system balances out and surpluses and deficits are not wholly bad or good... like me.
Thanks for listening!
Special thanks to:
Electromagnetism
Hulk for not
Beating us Up
Stark Industries
for Catering
And Peter Parker for Photography
Don't know how he keeps getting such great shots
Dude, you're talking to a computer.
bangbangbangbangbangbang
The revised budget is approved in the Spring semester.
The revised budget takes into consideration where actual expenses and revenues are, and attempts to predict the revenue and expenses when the books close.
Revised Budget
Thank you!
Full transcript