Budget

The Budget is one of our key performance measurement tools. It is a method by which we estimate and plan revenues and expenses, and allocate resources between faculties and support units in line with the strategic goals of the University. The Budget allows the University to set itself a bottom-line target.

Please see the 2011 Budget Book for more details about the current Budget.

Forecasting

As we progress through the year, we will also make reference to the ‘Forecast’. This, like a budget, is a forward looking snapshot of the anticipated results for the measurement period but it also incorporates actual results for the period to date. The remaining months of the period are normally a combination of budget and other updated estimates.

Forecasts are normally prepared every quarter.

Management Reports

Every month each Budget Manager will receive a report from Finance detailing actual and budgeted revenue, expenditure and capital expenditure.

The Budget Manager is then responsible for reviewing and explaining the variances of actual vs budget in their results.

For any queries on these please contact Louise Stevenson on ext.5433