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.