Budgeting

What is a fixed/static budget?

single level of activity, no new tests introduced

What is flexible budget?

anticipating changes and variables

What is a program budget?

short term planning

What is an appropriation budget?

usually government, allocated funds

What is a rolling budget?

budget that is updated periodically (12, 18, 24 months)

• forecast budget

What is an incremental budget?

used to add new equipment, positions, salaries, programs

What is a zero based budget?

helps identify activities that should be funded or eliminated (income - expenses = 0)

How many hours does one FTE work in a year?

2080 hr

How do we calculate annual salary?

hourly * 2080 hr

What is an operating budget?

the best guess estimate of the revenue and expenses for the year

The budget is an overall plan for?

projections, identification, coordination of resources

What is the most important step in creating an operating budget?

start early!