Upon successful completion of this Workshop, participants will be able to:

OBJECTIVE 1    Participants will understand the concept of budget decision-making frameworks and the benefits of effective budgeting processes.

OBJECTIVE 2    Participants will understand common issues arising in the budgeting process and be able to identify issues that might impede the effectiveness of the budgeting process.

OBJECTIVE 3    Participants will understand the purpose of multi-year operational and capital budgets, and the distinctions from annual operating budgets.

OBJECTIVE 4    Participants will understand the purpose of both mid-year and long-term financial forecasting, and the relationship between forecasting and cash/treasury management.

OBJECTIVE 5    Participants will have basic comprehension of the tools used for mid-year forecasts of expenditures, revenues, and cash requirements, and be able to identify common variables and assumptions considered/included in forecasts.

OBJECTIVE 6    Participants will examine methods of variance analysis, including budget to actual, horizontal/historical, and vertical (point-in-time) analysis and how this information supports management decision-making and financial oversight.