Budgeting Process (cont'd)
{"Image DocumentName": "Budgeting Process (cont\u2019d)", "Image ImageDescription": "incorporates strategic planning initiatives, is characterized by realistic projections for income and expense. is income-based (expenses do not exceed the realistic income projections) identifies fixed (indirect) costs and relates them to reliable revenue, is driven both by mission priorities and fiscal accountability. Often the strategic plan is done post budget \u2013 crazy!!!!! But often a reality...therefore leave space in the budget for Contingency expenses \u2013 board approval is a MUST \u2013 by specific motion always. This is NOT a slush fund, rather a recognition that strategic opportunities may arise during the year that could not have been predicted when the budget was being prepared. Income based \u2013 figure out your income first, then you can spend the money. Be cautious about overly optimistic income projections as sometimes staff are rightly concerned about their programs and jobs when preparing the draft budget.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}