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Budgets are done in advance before the year starts. E.g. We will be finalising 2024 Budget by October 2023. We only have one final budget for the year.
Forecast(s) are done during the year of operation and there can be more than one Forecasts. We usually have S1_Forecast (Semester 1 Forecast) and S2_Forecast (Semester 2 Forecast) where we welcome detailed input from the budget holders. Apart from these detailed inputs, we also do high-level forecasts during times of significant changes or uncertainty to give the Management and the Board most up-to-date estimate
Forecasts will usually have Actual results for the months that have lapsed since the start of the year and then estimate for the remaining months of the year
Since Forecasts include Actual results for the lapsed months, we use the Actual values for those months and ignore any amounts captured in any of the input templates for these months. E.g. The HR template gives an annualised estimate for a department HR team costs but when we capture the data from this template into the final Forecast, we will ignore the lapsed months estimates. i.e. if we did forecast for April to December. We will ignore the Jan to Mar estimate as they will be accounted for by Actual amount as can be seen in the below missing values for Jan to Mar section of high-level estimate
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