Budgeting season is upon us, and the usual stresses and headaches that come along with it will likely be compounded by an especially volatile year. Reviewing and editing draft after draft of your budget will be time consuming, frustrating, and may even risk disengagement from your stakeholders. In this month's column, we'll review three practices that help leading companies get it done much more quickly and with a better final product.
As a CFO, the ideal number of budget iterations I would seek for my own organization is three to four. The first iteration is a preliminary version, while the next two to three come after successive rounds of collaborative meetings in which stakeholders get on the same page, review, and fine-tune the numbers.
And here's another article:
Town budget OK'd, no tax hike - Manchester Media
After roughly 80 minutes of discussion the Whitehall Town Board unanimously voted to pass the tentative budget for the year 2021.
The big news that came from the discussion was at the end of the meeting, once the board had already voted to pass the budget. Highway superintendent Louis Pratt II wanted to make it perfectly clear that just because the levy that comes from Washington County is going up 1.8% that does not mean the taxes will go up.
Terre Haute City Council approves 2021 budget | News | goshennews.com
Terre Haute City Council unanimously approved Thursday a $96 million operating budget for 2021 and salary ordinances that include a 3% pay increase for city employees.
Mayor Duke Bennett said he is proud the budget is about $550,000 less than was appropriated for 2020, all while navigating the uncertainties of COVID-19's impact on revenue, giving employees a raise and outfitting Terre Haute Police Department with body cameras.
"It may not sound like a lot in a $96 million budget, but it pays for all the cuts we've made and positions us to deal with any loss of revenue next year," Bennett said.
USF president Steve Currall, top leaders will take pay cuts to trim budget
The University of South Florida's top leaders, including president Steve Currall, will collectively reduce their pay by $600,000 as part of an effort over the next two years to cut millions from the school's budget, Currall announced Thursday.
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While specifics have yet to be determined, the university said it will cut $36.7 million by June —including $13.4 million from colleges, $4.9 million from academic support, $6.9 million from USF Health, $6.5 million from university business support, $3.1 million from the USF St. Petersburg campus and $1.9 million from the USF Sarasota-Manatee campus.
In case you are keeping track:
Falling Enrollment Could Impact Loudoun School Budget - Loudoun Now
Loudoun won't be one of the fastest growing school systems this year. In fact, it looks like enrollment will decline for the first time in decades.
According to preliminary tallies presented to the School Board last week, only 81,660 students had enrolled as of Sept. 21. That's nearly 5% below the projections of 85,755.
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The lower figure is an indication of the number of families opting out of the division's period of distance learning brought on by the COVID-19 pandemic.
Budget 2020: Fringe benefits tax exemptions and red tape cuts on the way
The federal government will use next week's budget to introduce a raft of tax concessions for SMEs, in a move it says will allow more businesses to stay open and retain staff.
The budget will include a $112 million package that will change the fringe benefits tax (FBT) treatment of employee training, as well as give a larger number of businesses access to 10 different tax concessions, according to The New Daily .
From today, businesses will be exempt from paying the 47% FBT on retraining provided to employees who have been made redundant, or would soon be made redundant, so they can be given a new role in the business.
2020 IT Spending: Cybersecurity Remains an Investment Priority Despite Overall IT Budget Cuts,
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200930005611/en/
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External conditions and events can influence IT priorities for businesses. As a result of the COVID-19 pandemic, organizations have been forced to adjust plans to meet changing business needs. The report, based on a survey of more than 5,000 IT and cybersecurity practitioners, observes recent IT security economics trends and how they correlate with this year's events 1.
Budget Software Market Report Analysis By Various Services, Offering, Platforms, Significant
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