Key difference between Budget and Forecast within NIDA’s Budget/Forecast framework
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